The price around 1.5300-1.5330 marks the upper limit of the consolidation pattern above 1.5075. Hence, formation of a lower high around 1.5220, followed by breakdown below 1.5075, has been enhancing the bearish sentiment of the market.
Also the daily closures, which were observed during the last two weeks, imply the continuation of the sell-off afterwards, provided that the pair remains below 1.5155-1.5220 (major supply zone on the 4H chart). However, this zone was broken last week. That is why, retesting of this zone provided a short-term buy entry with SL as 4H closure below 1.5130.
Breakdown below support zone around 1.5150 will probably target 1.5076 initially. However, if this zone holds, the uptrend from 1.4830 will remain intact, targeting 1.5330 provided that the pair fixates above 1.5180 again.
It is important to note that Monday's daily candlestick was bearish engulfing pattern, which holds further pressure on 1.5150-1.5130.
The material has been provided by InstaForex Company - www.instaforex.com
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