As expected the support breakage at 1.6030/20 signaled the price decrease to the next obstacles on the way downward – 1.5990 and 1.5940. At the very moment the price is exercising the support at 1.5940/35 as for the breakage; and the values of the indicators having enforced the “bears” mood speak about high probability of success. Essentially, the price has already been at 1.5920 though have failed to fix itself there returned upward. Another decrease lower than the before mentioned supports will obviously become a subject for the expectances of the next minimums’ exercise – the level of 1.5900 and further 1.5860/50 as well. Meanwhile, the trading uplift higher than 1.6000 will cause a doubting element as for the power of the descendant trend, and the growth higher than 1.6030/80 will bring a matter to presume the prolonged break.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst