The spot currently trades at 1.5530, after having recovered from the Friday’s low of 1.5467. The pair recovered above the inverted head and shoulder neckline currently located at 1.5507. However, fresh bids are seen only above 1.5549 (50% of June rally). The 50-DMA resistance is also located at 1.5550, while the weekly 50-MA is located at 1.5557. Meanwhile, a rise to 1.5549 followed by a drop below 1.5528 (support on the hourly chart) could open doors for a sell-off to Friday’s low at 1.5467.