Strong bullish sentiment was found in the support zone around 1.4830, which pushed the pair to the upside reaching 1.5275 corresponding to 50% Fibonacci level, 1.5400 corresponding to 61.8% Fibonacci level, then 78% Fibonacci around 1.5533.
The uptrend line around 1.5430-1.5400 applied bullish pressure on the pair which was able to reach 1.5720 which corresponds to August's highest level.
The market expressed obvious closure of 4H above 1.5575 which invalidated the H&S reversal pattern. This renders the pair bullish towards 1.5750 in the short-term prospect.
It is important to note that the market expressed a strong bullish engulfing weekly candlestick unlike the precceeding one. That's why, bullish momentum may be witnessed obviously during this week.
4H chart shows a broken bearish channel, the upper limit of which is located around 78.6% Fibonacci Level. The pair remains bullish in the short prospect towards 1.5750 then 1.5820 as long as 1.5625 remains defended by the bulls.
