The breakage through the line of the initial version of the short-termed ascendant trend (the blue line) proclaimed the continuation of the “bears” scenario’s accomplishment. The price has found the support at the strong level of 1.4300/10 and has rolled back to 1.4320/30 up to now. As like as not, the attempt to exercise the broken line as a resistance within the price sectors of 1.4410/00, though the main prospect is seen on the continuation of the decrease to the supports at 1.4230 and further to 1.4200. The indicators’ values start to prove the probability of this kind, R% has collapsed into the oversold zone, SS has reversed itself downward at the over purchased zone, and MACD returns into the negative sector. The predictions of the alternative scenario still stay the same – even if the resistance at 1.4450/40 is overcome the growth higher than 1.4500/10 will be less probable still yet.
Analysis prepared by:
Arkady Nagiev
Forex4you analyst