The price continued its decrease and exercised the new local minimum having been mentioned in the previous analysis, the level of 1.6030. After this endurance checkup the trading has rolled back upward, broken through the line of the short-termed descendant trend (the blue diagonal line) and is making attempts to fix it higher now. This study case giving a signal of the probable price growth subscribes uncertainty as the indicators have weakened the “bears” mood though; nevertheless, they leave the trend downward preferable. There is obviously a high probability to expect the raise till 1.6200/10 in the circumstances concerned; the trading fixation higher than 1.6080 will become a sound matter of these expectances’ accomplishment. Meanwhile, while the price is staying lower than this resistance up to the moment though; the recovery of the downfall maintains a serious potential and in case of the predominant trend is favorable. The support breakage at 1.6030/20 will signal the bust to the next obstacles on the way downward – 1.5990/40, 1.5900 having been mentioned before.
Analysis prepared by:
Arkady Nagiev
Forex4you analyst