Two months ago, a prominent bottom was established around 1.0260. This happened after the pair broke-down a consolidation range between 1.0450-1.0560, which was followed by intensive bearish pressure that led to the breakdown of 1.0450 and 1.0380 with a record low of 1.0254.
Important level was located around 1.0505. This was the key level for last week's movement as re-closure below it enabled the pair to breakdown 1.0455 as well, where the lower limit of the depicted consolidation range was located.
The nearest support zone is located around 1.0250. Last week, the pair expressed a false breakdown reaching 1.0180 where obvious bullish rejection was expressed to get the pair back above 1.0250 again on Thursday.
The current levels will probably push the pair again towards 1.0450.
The price level around 1.0465 remains the nearest considerable resistance for the pair, a valid SELL entry is recommended at retesting with SL located above 1.0500.