We have Bullish engulfing DAILY candlestick of Wednesday although it recorded a lower low at 1.4142.
Now the pair has a strong resistance at 1.4385 which is 50% Fibonatcci level of the bearish wave marked on the chart.
The area level 1.4150 - 1.4185 held the price above providing a good support for the pair.
This area is 50% Fibonatcci of the bullish move marked on the chart.
Now the pair is testing the upper limit of the bullish channel after bouncing of its lower limit yesterday.
It this area provided a strong resistance and limited further upside movement, this will bring the pair back down to 1.4270 -1.4230.
Summary:
The market is waiting for the results of interest rate announcement today.
Either the pair goes down to 1.4070-1.4000 OR it breaks the high 1.4570 to resume the uptrend according to the announcement.
Technically, the pair is more bullish especially after the daily closure.
