The price 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 Wednesday then yesterday, 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 then 1.5200.
The bearish breakout, which 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.
