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.
As it was suggested last week, price level 1.5230 stood as an Intraday Support Level. It provided a BUY entry yesterday which is running in profit now.
Stabilization above 1.5370 cancelled the bearish reversal scenario, leading towards 1.5385, 1.5430 (the projection target of the range breakout) then 1.5475 (important resistance level) where profits should be taken to avoid possible retracement.
The long-term view remains bullish as long as the pair continues to consolidate within the depicted DAILY bullish channel above 1.5370-1.5400. The breakout projection target has been achieved. However, the way towards 1.5555 (the upper limit of the daily channel) is still open.
