The bullish impulse managed to bypass the upper limit of the bearish channel.

The upper limit of the bearish channel also corresponded to 50% Fibonacci level that got broken too.

This opened the way towards 1.3730 (61.8% Fibonacci Level) breakthrough above which opened the way directly towards 1.3770. However, the pair is moving sideways during these two days between two price levels of 1.3680-1.3770.

Breakout in either direction is needed to achieve its breakout projection target.

Continuous fixation above 1.3730 is a must to maintain enough momentum for higher targets.

This chart reveals the significance of price level of 1.3730. This price level corresponds to the upper limit of the ongoing bullish channel as well as common bottom and top.

The short-term scenario remains bullish as long as 1.3730 remains defended by the bulls. Otherwise, a bearish impulse may be initiated towards 1.3685 initially.

A valid BUY entry may be taken at 1.3730 with SL as 4H closure below 1.3700.

SUPPLY levels: 1.3755, 1.3760, 1.3770, 1.3800
DEMAND levels : 1.3725, 1.3700, 1.3680, 1.3660