The most prominent support zone was located around 1.0250. On September 19, the pair expressed a false breakdown reaching 1.0180 where an obvious bullish rejection was expressed to get the pair back above 1.0250 again resulting in a bullish Hammer weekly candlestick.
As expected, the bullish momentum was expressed at retesting of the lower limit of the ongoing channel around 1.0280 pushing it higher towards 1.0460, and then 1.0500 which was bypassed.
Few weeks ago, the bulls established another ascending bottom around 1.0400 after a period of consolidation between 1.0400-1.0500.
Daily fixation above 1.0475 enabled the pair to reach 1.0575, 1.0600, and then 1.0650 where a previous top "established in October 2011" was located.
The price level around 1.0570 was mentioned to be the nearest support level for the pair.
In the previous articles, price zone of 1.0650-1.0700 was suggested for a possible sell position, profits were taken at 1.0570 to avoid bullish rejection that took place shortly after.
Last week, the bulls managed to fixate above 1.0650 (Full Bullish Daily Candlestick). This enabled them to initiate a new ascending impulse towards 1.0700 which prevented further bullish advancement after recording a daily high at 1.0735.
Yesterday, price Zone 1.0570-1.0550 was mentioned to be watched for a valid BUY. However, a strong bullish impulse was initiated around 1.0580 (10 pips higher ) pushing again above 1.0650, rendering 1.0735 as the next intraday target.
Daily fixation above 1.0650 will be another bullish signal for a possible bullish impulse towards 1.0730 initially.
