After a significant growth, price entered to the correction phase and has retraced 38% of the uptrend.
Currently, price has approached to the support zone between (0.7340 - 0.7317) which has been tested several times before.
Moreover, the bearish pressure seems to get decreased and we are facing a slow downside movement.
On the other hand, US dollar index is dropping and has started a bearish move…
If the support zone isn’t broken out to the downside by price and there was any bullish confirmation pattern in lower time frame (1H), we can expect a rise around (0.7430 - 0.7470) which are the very strong resistance levels (Monthly & Weekly Highs).