The pair has risen since the opening of trading this week to enter within the resistance zone 0.7055 – 0.7075 during the Asian session today … This may be an attempt to gain enough bearish momentum.
The possible bearish scenario remains intact as long as the trades remain below the 4 hour chart’s bearish line, targets remain around the 61.8% Fibonacci level at 0.6960 as the first target and the breach may extend from the downside to the 0.6840 support as the second target.
A break of the 4-hour downtrend above 0.7165 might be enough to derail the downside scenario and the pair could then push to target at least 0.7290 resistance.
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