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An important resistance level was located around 1.0500. This was the key level for the previous week's movement as many consolidation ranges were established between 1.0470-1.0550.
The most prominent support zone was located around 1.0250. On September 19, the pair expressed a false breakdown reaching 1.0180 where an obvious bullish rejection was expressed to get the pair back above 1.0250 again resulting in a bullish Hammer weekly candlestick.
As expected, the bullish momentum was expressed at retesting of the lower limit of the ongoing channel around 1.0280 pushing it higher towards 1.0460, and then 1.0500 which was bypassed.
Three weeks ago, the bulls established an ascending bottom around 1.0400 after a period of consolidation between 1.0400-1.0500.
Daily fixation above 1.0475 enabled the pair to reach 1.0575, 1.0600, and then 1.0650 where a previous top "established in October 2011" was located.
The price level around 1.0570 was mentioned to be the nearest support level for the pair.
In the previous articles, price zone of 1.0650-1.0700 was suggested for a possible sell position, profits was taken at 1.0570 to avoid the current bullish rejection.
Failure to breakdown of 1.0570 opened the way towards 1.0650 which invalidated the remaining portion of our SELL entry.
This Week, the bulls managed to fixate above 1.0650 (Full Bullish Daily Candlestick). This enabled them to initiate a new ascending impulse towards 1.0700 rendering 1.0650 a dependable support level for the current time.
Retesting of 1.0650 will probably offer a valid BUY entry with SL as daily closure below 1.0600.
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