On February 13, the bulls expressed a bullish breakout above the upper limit of the previous bearish channel. This took place when the bears showed obvious weakness.
On the short-term prospective, the pair remains bullish as long as the newly established bottom at 1.5315-1.5300 remains defended by the bulls.
A bearish Head and Shoulders pattern is probably being established at 1.5500. The neckline is located at 1.5315-1.5300. Breakdown of this neckline will confirm the pattern clearing the way towards the projection target which is located at 1.5115 which corresponds to a previous bottom as well.
On the other hand, bullish momentum needs a 4H closure above 1.5500-1.5530 before enough bullish pressure can be gathered to push towards 1.5580-1.5600.
A failure of the bears to fixate below 1.5300 will bring the pair back within the current congestion zone between 1.5310 and 1.5530 giving more time for sideway movements.
The material has been provided by InstaForex Company - www.instaforex.com
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