The breakage through the resistance range within 1.6030/80 having been mentioned in the previous analysis has failed; the price is coming back downward after the level exercise at 1.6060/70 and resides at 1.6010/05 now. The endurance of the before exercised resistances and the indicators having started to change their directions for descendant ones suggest to set mind on trading consolidation within the range of the levels of resistance and support at 1.6080 and 1.5970/60 respectively. The resistance breakage through this price bracket is less probable; though the falling down lower than the support is quite possible and if it happens so the retracing corridor will widen till 1.5940/30. The “bears” trend keeps the predominant positions, and the breakage through the support at 1.5940/20 will mark the exercise for the minimums – 1.5900 and then 1.5860/50 as well.
Analysis prepared by:
Arkady Nagiev
Forex4you analyst