Long term picture remains bearish. However initial bias stays neutral this week first. Price actions from 0.7593 are still viewed as corrective in nature. That is, the larger down trend is expected to resume sooner or later. Below 0.7593 supports will target next Fibonacci level at 0.7182. However, decisive break of 0.7911 will indicate near term reversal, on bullish convergence condition in 4 hours MACD, RSI, and SSRC might bring stronger rebound to 0.8294 resistance and above.
This neutral bias was activated after dovish comments from the FOMC on Wednesday about hopes for hiking rates will be data dependent which will be based on the Labor sector, Inflation and Wage growth says Fed Chair Yellen. Even though 15 out of 17 officials speculate there would be a rate hike by September, Fed Chair Yellen said patience should be exercised.
Later this week investors would taking a close look at the USD CPI and Core CPI to determine the future of the greenback in regards to rate hike.