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.
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.
Today the cable has been trying to breakthrough and fixate above 1.5180 reaching up to 1.5265. However, the market is expressing bearish rejection so far.
The cable is still trapped between 1.5050 and 1.5180 for three successive days now. Breakout in either direction will clarify the bias of the market.
On Wednesday we mentioned that we need to see the сable stepping above 1.4950-1.5000 (channel breakout) in order to achieve further corrective movement towards 1.5180 that was reached.
Price Level 1.5180-1.5200 constituted a strong supply zone which is being breached now. However, we need to see another 4H closure above 1.5200 in order to target for 1.5280 initially.
On the other hand, bears need to break down 1.5030 (significant demand zone) in order to collect sufficient bearish pressure for further lower targets.
Price action should be watched around 1.5280 (50% Fibonacci) as it is the next siginificant supply level for the pair.
