Successive ascending bottoms were established on the daily chart. This means the uptrend line established in September 2013 is still intact.
As expected, the ongoing bullish impulse succeeded in hitting the price level of 1.3900. This level corresponds to 100% Fibonacci Expansion.
A Shooting Star daily candlestick was expressed on Thursday after topping at 1.3965.
Today, the bulls are trying again to breach supply level located at 1.3900. They have succeeded to hit price level of 1.3945 until now.
Daily closure above 1.3900 will enable the pair to reach its next destination at 1.3980 corresponding to 127% Fibonacci Expansion.
The pair is currently trapped within congestion zone located between 1.3840 and 1.3950. A breakout in either direction is needed to free the pair from this trap.
Price level of 1.3980 corresponds to the upper limit of the depicted bullish channel. Hence, it's expected to provide considerable SELLING pressure at retesting.
Technically, the price zone of 1.3775-1.3810 remains an important intraday demand zone for the pair. Price action should be watched for a possible BUY entry at retesting.
4H breakdown below 1.3775 will probably invalidate the bullish scenario opening the way towards 1.3650 initially.
The material has been provided by InstaForex Company - www.instaforex.com
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