Previous lows of 1.5450 (reached on July 25), 1.5390 (reached on July 12) as well as 1.5267 (reached on June 1) were broken so quickly leading towards 1.5075 then 1.5035.
Price Level around 1.5300 marks the upper limit of the consolidation pattern above 1.5075. Hence, formation of a lower high around 1.5220 followed by breakdown below 1.5075 is enhancing the bearish sentiment of the market.
Also, the daily closure which was observed on Friday implies continuation of the sell-off afterwards provided that the pair remains below 1.5075 (the lower limit of the range). However, reconsolidation above 1.5075 enables the pair to make corrective bullish move towards 1.5160, 1.5220, and 1.5300 respectively.
The bearish breakout, that took place last week, will probably be targeting 1.4880.
The first strong support will then be encountered at 1.5000 then 1.4855, if the current bearish movement remains intact this week. Consolidation above 1.5299 invalidates this bearish breakout scenario.
