Strong bullish sentiment was expected to be found off the support zone around 1.4830 which pushed the pair to the upside reaching 50% Fibonacci level around 1.5275 then 1.5400 corresponding to 61.8% Fibonacci level.
The bearish rebound took place beyond 1.5400 followed by confirmation of the double-bottom pattern with a projection target near 1.5100 where an ascending buttom was established on August 1.
Now there are three prominent ascending bottoms around 1.4825, 1.5100 and the recent level of 1.5200. Moreover, there was a bullish breakout above 1.5400 that took place on Wednesday which cleared the way towards 1.5530 ( 78% Fibonacci Level ).
A valid BUY entry may be taken at retesting of 61.8% Fibonacci around 1.5390 with SL located below 1.5320.
We need to see obvious closure of 4H above 1.5540 to remain bullish towards 1.5625 in the short-term prospect.
