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.
Yesterday the cable was trying to breakthrough and consolidate above 1.5180 reaching up to 1.5265. Moreoever, yesterday the pair expressed daily closure at 1.5211 (above 1.5180).
This is considered to be a bullish breakout off the previous range 1.5050-1.5180. Projection target is located around 1.5330.
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 was breached yesterday. This renders 1.5200-1.5180 a valid BUY entry on retesting with SL located below 1.5100.
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.
