The suggestions of the previous commentary concerning the trades’ location within the consolidation range edged with the levels of 1.6030-1.5940/20 are confirmed. After the support exercise for the range i.e., the level of 1.5940/20 the price started growing and resides at 1.5970/60now. The target of the observed growth is obviously the resistance level at 1.6030/50. Furthermore, in case of the situation development contrary to the expectations of lateral consolidation it’s possible to predict such variants: the support breakage at 1.5940/20 will determine the exercise for the following minimums – 1.5900 and further 1.5860/50 as well. The trading increase higher than 1.6030/80 will afford ground for the probability of growth to 1.634/50 and also return to the descending movement after the exercise of this resistance already.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst