Daily fixation below 1.3850 gathered significant bearish pressure enough to breakdown the lower limit of the daily bullish channel.
This week, there has been a minor Intraday Demand level expressed at 1.3750 of the recent slide from 1.3965.
Four-hour candlestick fixation above 1.3790 signals a temporary bottom that will target at 1.3850.
Price level 1.3850-1.3870 remains a significant supply zone (neckline of the 4H reversal pattern). It provided a valid SELL entry at retesting as expected. Stop loss should be located above 1.3870
On the other hand, failure to fixate above 1.3790 will expose the recent low 1.3748.
A slide below which opens the way towards lower lows located at 1.3700 and 1.3660.
The material has been provided by InstaForex Company - www.instaforex.com
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