Upside breakout from sideways channel
On the hourly chart, the spot has breached the sideways channel, but the gains are being repeatedly capped at 1.5638 (38.2% Fib of June rally). The likelihood of the pair taking out 1.5638 is high today, as the spot jumped from the critical support at 1.5607 (23.6% Fib of Apr-Jun rally). A break above 1.5638 shall open doors for 1.5676, followed by 1.5714 (rising trend line resistance). Meanwhile, a failure to take out 1.5638 could push the spot back to 1.5580.
On the hourly chart, the spot has breached the sideways channel, but the gains are being repeatedly capped at 1.5638 (38.2% Fib of June rally). The likelihood of the pair taking out 1.5638 is high today, as the spot jumped from the critical support at 1.5607 (23.6% Fib of Apr-Jun rally). A break above 1.5638 shall open doors for 1.5676, followed by 1.5714 (rising trend line resistance). Meanwhile, a failure to take out 1.5638 could push the spot back to 1.5580.