The cable witnessed a rapid fall towards 1.5025, breaking the corrective uptrend line which came to meet the pair around 1.5150 then support zone around 1.5000-1.5020.
The demand level around 1.5000 (also a psychological support) was broken, supported by the positive fundamental data that was released then.
On Wednesday, while the pair was consolidating near support area extending down to 1.4830 (the low of March), strong bullish price action was expressed as expected to push the pair again above 1.5050 recording a high at 1.5220 when the pair expressed some bearish rejection towards 1.5050 again.
On Wednesday we mentioned that we need to see the сable stepping above 1.4950-1.5000 in order to achieve further corrective movement towards 1.5180 that was reached.
Price Level 1.5180-1.5200 constitutes a strong supply zone, which provided a SELL entry as suggested, now SL should be lowered to be placed above 1.5220.
Bears need to break down 1.5030 (significant demand zone) in order to collect sufficient bearish pressure for further lower targets. Otherwise, our sell entry may be threatened early.
Price Level 1.4950 should be watched for a counter-trend BUY entry as it corresponds to the backside of the broken bearish channel and previous double bottom pattern.
Fundamentally, the U.S. dollar rose on Monday as traders are awaiting testimony of "Ben Bernanke", Governor of the Federal Reserve later this week.
