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 target around 1.0050 was already reached.
Price action around this key-level should be watched cautiously for further continuation or bearish reversal.
On the other hand, any quick bearish pullback towards the price levels of 0.9520 should be considered as a valid BUY opportunity.
The material has been provided by InstaForex Company – www.instaforex.com