Lack of the bullish steam seemed to exist during the last few weeks and the pair seems to be under negative pressure which was manifested on Tuesday in the massive bearish daily candlestick.
Bearish rejection around 1.0300 was followed by multiple days of indecision within the same consolidation range 1.0225-1.0330 until the pair gave obvious daily closure below 1.0220 which opened the way towards the projection target at 1.0110 which was visited yesterday.
It is important to note that support is located around 1.0130 (50% Fibonacci) then 1.0100 (61.8% Fibonacci level) where profits of the SELL orders should be taken.
On the 4H chart, price action should be watched for a possible bullish rejection, this will probably indicate a BUY entry with SL as 4H closure below 1.0080.
The material has been provided by InstaForex Company - www.instaforex.com
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