In the intermediate-term, the pair is just above the newly visited price levels around 0.9600 that haven’t been visited since 2002.
That’s why, some bullish recovery was recently demonstrated especially around such an important psychological support.
The nearest supply level was located around 1.0200 where bearish rejection and a short-term SELL Entry were anticipated.
Hence, another bearish pullback to test the price levels of 0.9500 was recently executed.
Intensive bullish price action was demonstrated around the lower limit of the current movement channel. Initial bullish targets around 1.0150 and 1.0500 were already reached.
Price action around the key-level of (1.0500) was quite bullish. That’s why, further bullish continuation towards 1.0700 was demonstrated.
On the other hand, any bearish pullback towards the price levels of 1.0000 should be considered as a valid long-term BUY opportunity.
The material has been provided by InstaForex Company – www.instaforex.com