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The currency pair registered strong growth in the short term after reaching the new low of 1.3541. It's located at 1.3574 at the time of writing and it seems determined to come back higher.
As you can see on the H1 chart, the rate dropped within a down-channel pattern. Its failure to approach and reach the channel's downside line announced exhausted sellers. Now, it has reached the downtrend line again which represents a dynamic upside obstacle. The former high of 1.3576 stands as a static upside obstacle.
Jumping and stabilizing above the downtrend line and above 1.3576 activates an upside reversal and brings new buying opportunities.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
