As already presupposed in the former analysis the “bulls” drew upon time-out after quite prolonged increase, and the trading is carried within the narrow range. The pair is consolidated within the narrow range edged with the levels of 91.90-91.20/10; the trades haven’t grown up till 92.00 still yet. The behavior of the indicators marking some neutral says for the “outset” within the before formed range. Nevertheless, the attempt to break through the trend line of the long-termed descendant channel (the green lines) is quite possible; though as it seems even if success is observed the increase higher than the next resistance at 92.50/60 is less probable.

   The staying out of the market is obviously the best strategy in the current account.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst