As it appears from hourly chart, the 1.3550 mark signified the two month maximum that the cable could not surpass. In result of a rebound, a new junior descending channel has been formed.
The pattern is expected to stay in force at least until the rate will reach support set up by the 100-hour SMA and the weekly PP near 1.3420.
If this barrier becomes broken, a more mature support zone should be formed by the 200-hour SMA and the monthly PP at 1.3371.
However, there is an assumption about formation of two other medium ascending channels whose lower boundaries might intersect with the 23.6% Fibonacci retracement level located at 11.3256 and the monthly S1 at 1.3195. In that case, bears are likely to take the lead for the upcoming two-three weeks.
