The regression channel system is showing that the pair has been trending down inside almost typicalbearish channels.
Few Hours ago we had a bullish hammer towards the lower limit of one of these channels indicating strength of bulls right now.
The pair is having resistance level at 1.5510 which is Intraday Fibonacci level & the upper limit of the ongoing bearish channel.
Based on the previous analysis:
Long position can be taken if we have a 1H closure above 1.5515 with TP at 1.5535, 1.5564 then 1.5590.
SL should be below 1.5440.
NB:
Violet channel is a channel for the movement of Yesterday only.
Blue channel is a channel for the movement of the last 2 days.
Yellow channel is a channel for the movement of the last 3 days.
