Lack of the bullish steam seemed to exist during the last few weeks and the pair seems to be under negative pressure which was manifested on March 26 in the massive bearish daily candlestick.
Bearish rejection around 1.0300 was followed by multiple days of indecision within the same consolidation range 1.0225-1.0330 until the pair gave obvious daily closure below 1.0220 which opened the way towards the projection target at 1.0110.
As it was expected on Wednesday, breakdown of 50% Fibonacci opened the way immediately towards the next support level around 1.0085 (61.8% Fibonacci).
Price level 1.0085 (61.8% Fibonacci Level) stood as a solid intraday support which provided a good BUY entry which is running in considerable profit now.
Price zone 1.0200-1.0235 corresponds to a downtrend line & Fibonacci 50% - 61.8% levels. It is depicted on the 4H chart which is being tested today with some bearish rejection expressed.
Profits of the BUY entry should be taken at the current price levels to avoid possible retracement.
