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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 1.0100 which failed to provide enough bearish pressure.
On the other hand, Intensive bullish price action was demonstrated around the lower limit of the depicted movement channel. Initial bullish targets around 1.0150 and 1.0500 were already reached.
Price action around the key-level of (1.0550-1.0600) was quite bullish. That's why, further bullish continuation towards 1.0800 was demonstrated.
Moreover, more bullish advancement towards the nearest supply zone around 1.1150-1.1200 can be expected.
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 market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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