Price Action Context
Following the strong bearish reversal from ~0.63 in early June, the pair has been consolidating within a mid-term corrective structure and is now testing the key support around 0.6050 for a fourth time.
Our mid-term bias remains bullish whilst price can stay above 0.6040. Should bulls successfully defend this support, a move up towards 0.62 is in the cards, whilst a strong break and close below 0.6040 would change our mid-term bias to bearish with the next solid support coming in at around 0.5970.
Closest Support & Resistance Zones
Resistance: 0.6180 – 0.6225
Support: 0.6040 – 0.6070
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