The bullish impulse managed to bypass the upper limit of the bearish channel.
50% Fibonacci level that corresponds to the upper limit of the bearish channel got broken too.
This opened the way towards 1.3730 (61.8% Fibonacci Level) then 1.3770 which was hit quickly. However, the pair has been trapped between 1.3680-1.3770 until today we had a breakout to the downside.
Breakout in either direction is needed to achieve its breakout projection target.
The short-term scenario remains bearish as long as the bears remains fixating below 1.3730. Otherwise, a bullish impulse may be initiated towards 1.3730 (Fibonacci 61.8%) initially.
A valid BUY entry may be taken at 1.3600 (retesting of the backside of the broken channel) with SL as 4H closure below 1.3540.
