The predictions of the previous commentaries find their fulfillment – the trading fixation higher than 89.50/60 caused the justification of the descendant trend targeting the raise higher than 91.80/92.00 (the trend line of the long-termed descendant channel, the green lines). The trading finds itself at 91.20 at the moment yet, after the resistance exercise at 91.45. The indicators’ mood speaks well for the growth continuation. The before mentioned targets will obviously be exercised in the shortest possible time. Nevertheless, the attendance of strong resistances at the progressed stage imposes the necessity of the extra caution. The “bulls” potential will be charged to doubts at the trading sinking lower than the support at 90.70 though the retracement till this level is also possible.

   In all appearances there’s a reason to maintain the long positions till the levels at 91.80/92.00 though the stops should be shifted to 90.60/50.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst