As suggested last week, price level 1.5230 stood as an Intraday Support Level. It pushed the pair towards 1.5300 then 1.5360.
Price Level 1.5360, corresponding to April 5 high, provided considerable intraday resistance which expressed significant bearish price action leading back again to 1.5230.
Recently, Reversal Head and Shoulders pattern was expressed on testing 1.5360. However, consolidation below 1.5200-1.5230 (neckline) did not last for a long time which may be an indicator of pattern failure.
Stabilization above 1.5300 cancels the bearish reversal scenario, leading towards 1.5385, 1.5430 (the projection target of the range breakout) then 1.5475 (important resistance level).
The long-term view remains bullish as long as the pair continues to consolidate within the depicted DAILY bullish channel above 1.5150. A valid BUY entry can be taken on retesting of the lower limit of this movement channel with SL as breakdown of the lower limit.
