Technical analysis
Mohamed Samy
As we see on the daily chart, we had a successful retest of the broken bearish channel at 1.5345.
Level 1.5345 isn't just the backside of the bearish channel but also a strong daily support for the pair which was mentioned in previous articles.
The daily candlestick looks very bullish after achieving the target of breakout of the previous range 1.5533- 1.5715.
Here on the 4H chart, we can see obvious bullish reaction towards the support level 1.5345 which stopped at the 50% fibonacci.
Based on the previous analysis, The market indicates bullish opportunity near 1.5345 with SL daily closure below it.
Profits should be taken at 1.5490 , 1.5530, 1.5590 then 1.5670.
http://instaforex.com/forex_analysis/40542/?x=OUE
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