Stabilization above 1.5370 cancelled the bearish reversal scenario, leading towards 1.5430 (the projection target of the range breakout) then 1.5590.
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. However, the upper limit of the movement channel 1.5590-1.5600 may provide a considerable resistance for the pair.
On the 4H chart, there's a short-term movement channel the lower limit of which needs to be broken-down in order to initiate a retracement movement towards 1.5370.
There is no confirmed signal of reversal until now. However, the price action should be watched carefully as reversal is expected today.
