Reversal bearish daily candlesticks affected the market yesterday as we saw considerable decline down from resistance level 1.6500.
Price decline stopped at the support level 1.6260-1.6280 which is :
1.Lower limit of the bullish channel marked on the chart.
2.Level of multiple previous lows, highs & price ranges.
On The 4H chart we see that support level 1.6260-1.6280 also has 38.2% & 61.8% Fibonacci levels of the last two up swings.
Now the pair is suggested to bounce of this support area targeting 1.6370-1.6434 which is the lower limt of the recently broken price range.
Break of resistance level 1.6434 will open the way to 1.6570.
Break of the support level 1.6250 will open the way to 1.6170.
