Successive ascending bottoms were established on the daily chart. This means the uptrend line established in September 2013 is still intact.

As expected, the ongoing bullish impulse succeeded in hitting the price level of 1.3900. This level corresponds to 100% Fibonacci Expansion.

A Shooting Star daily candlestick was expressed on Thursday after topping at 1.3965.

Yesterday, the bulls were trying again to breach supply level located at 1.3900. They have succeeded in hitting price level of 1.3940.

Today, the bulls failed to keep their daily gains as the pair returned to consolidate around 1.3900.

Daily persistence above 1.3900 will enable the pair to reach its next destination at 1.3980 corresponding to 127% Fibonacci Expansion.

On the other hand, refixation below 1.3900 will bring the pair back to its previous congestion zone giving more time for some sideway consolidations.

The pair is currently trapped within congestion zone located between 1.3840 and 1.3950. A breakout in either direction is needed to free the pair from this trap.

Today, the bulls failed to achieve a higher top above 1.3950. Instead, the market showed obvious rejection at 1.3950 pushing it down again towards 1.3900.

Price level of 1.3980 corresponds to the upper limit of the depicted bullish channel. Hence, it's expected to provide considerable SELLING pressure at retesting.

Technically, the price zone of 1.3775-1.3810 remains an important intraday demand zone for the pair. Price action should be watched for a possible BUY entry at retesting.

4H breakdown below 1.3885 will temporarily invalidate the bullish scenario opening the way towards 1.3840 then 1.3777.