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On February 13, the bulls expressed a bullish breakout above the upper limit of the previous bearish channel. This took place when the bears showed obvious weakness.
On the short-term prospective, the pair remains bullish as long as the newly established bottom at 1.5315-1.5300 remains defended by the bulls.
A bearish Head and Shoulders pattern is probably being established at 1.5500. The neckline is located at 1.5315-1.5300. Breakdown of this neckline will confirm the pattern clearing the way towards the projection target which is located at 1.5115 which corresponds to a previous bottom as well.
On the other hand, bullish momentum needs a 4H closure above 1.5500-1.5530 before enough bullish pressure can be gathered to push towards 1.5580-1.5600.
A failure of the bears to fixate below 1.5300 will bring the pair back within the current congestion zone between 1.5310 and 1.5530 giving more time for sideway movements.
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