The presuppositions of still maintained mood in favors of the descendant trend having been mentioned before are proved. The price has made an attempt to continue its decrease, found the support at 1.4220/15 and is consolidating within the narrow range in the sector of the level of 1.4250/60 now. Nevertheless, the indicators last to demonstrate more distinct preferences to the “bulls” mood, claiming for great caution – R% still stays higher than the trimming line of the oversold zone, MACD continues to create the divergence raising the histograms and SS stays within the oversold zone speaking well for the movement downward hasn’t still completed yet and another dash is also possible. In this regard it’s possible to presuppose the support exercise at 1.4200 will take its place by all means, and the breakage through this very obstacle will matter the lasting till the supports at 1.4150/30. The accomplishment of the retracement scenario till the observed decrease will become obvious at the trading uplift higher than 1.4300/10, in this case the reasons to expect the growth till 1.4410/40 will appear.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst