Strong bullish sentiment was found in the support zone around 1.4830, which pushed the pair to the upside reaching 1.5400 then 1.5700 where two prominent tops were established.
The uptrend line around 1.5430-1.5400 applied bullish pressure on the pair which was able to break trough 1.5720 which corresponds to August's highest level and the recent established top.
The market expressed obvious closure above 1.5575 which invalidated the H&S reversal pattern. This opened the way towards 1.5900, 1.6000 and 1.6170.
It is important to note that the market expressed a strong bullish engulfing weekly candlestick this week too. That is why, bullish momentum was obviously witnessed during this week that pushed through 1.6040 before the immediate bearish rejection took place Yesterday.
Fibonacci expansion 100% is located at 1.6040 where the upper limit of the ongoing channel is located. All bearish expectations towards 1.5800-1.5750 depend on not breaking 1.6040 to the upside again.