Strong bullish sentiment was expected to be found at the support zone around 1.4830, which pushed the pair to the upside reaching 50% Fibonacci level around 1.5275, 1.5400 corresponding to 61.8% Fibonacci level, then 78% Fibonacci around 1.5533.
Some bearish rebound took place off 1.5400 towards 1.5100, where an ascending bottom was established on August 1. Now there are prominent established ascending bottoms around 1.5100, 1.5200, and 1.5420.
It is important to note that the market expressed an obvious bearish weekly candlestick similar to the precceeding one the high of which roughly tested 1.5585.
Last week, around 1.5430-1.5400, bullish pressure was applied to push again towards 1.5570 (a possibility to confirm a Head&Shoulders pattern).
The market needs to express obvious closure of 4H above 1.5575 to invalidate this reversal pattern and return bullish towards 1.5630 then 1.5750 in the short-term prospect. However, today the bulls failed to do so returning back towards 1.5530 (78.6% Fibonacci)
4H fixation below 1.5530 will probably bring bearish pressure back towards 1.5430 initially.
