The failure as for the comeback into the descendant channel’s sector (the red lines) determined the descending movement lasting. The price approached to the first stage of the targeting range for the “bears” – 0.8730-0.8660 having been mentioned in the previous commentary. The trading is carried at 0.8750/40. The indicators still stay in the great preferences to the price decrease’s lasting but the divergence’s formation at MACD and the durability of the level at 0.8730 as a support suggest taking into account the probability of the rollback upward. The attempt to enter the before mentioned range is entirely possible to be embarked, and the retracement towards the current decrease will start from that already. Nevertheless, the “bears” maintain the predominant positions and the scenario of decrease till 0.8660 still stays favorable.
Analysis prepared by:
Arkady Nagiev
Forex4you analyst