As expected the price continued its movement downward; but the supports at 0.8850/30/20, whereat the massive rollback upward was expected, “have failed in trust”, and they were broken through. The price marked itself at 0.8760 and has already rolled back upward by this moment; it finds itself at 0.8810/05.
   Alongside to the breakage through the before mentioned supports the descendant channel’s supporting lines were also broken (the red lines) and the exercise of these buildups for the resistance already. The fail in the comeback into the sector of the channel will denote the acceleration of the descending movement; the “bears” target will be the range within 0.8730/0.8660 still. Meanwhile, the comeback into the channel’s sector i.e., the breakage through the resistance under exercise will signal the possible start of the accomplishment of the scenario of massive rollback upward having been mentioned in the previous analysis.

   The optimum alternative is seen in attendance out of the market till the situation will be clarified; the favors stay on the side of the sales’ recovery.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst