The bullish impulse managed to bypass the upper limit of the bearish channel.
50% Fibonacci level that corresponds to the upper limit of the bearish channel got broken too.
This opened the way towards 1.3730 (61.8% Fibonacci Level) then 1.3770 which was hit quickly. However, the pair has been trapped between 1.3680-1.3770 until today we had a breakout to the downside.
Breakout in either direction is needed to achieve its breakout projection target.
The short-term scenario remains bearish as long as the bears remains fixating below 1.3730. Otherwise, a bullish impulse may be initiated towards 1.3730 (Fibonacci 61.8%) initially.
A valid BUY entry may be taken at 1.3600 (retesting of the backside of the broken channel) with SL as 4H closure below 1.3540.
The material has been provided by InstaForex Company - www.instaforex.com
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