As already mentioned in the previous analysis the “bears” trend has maintained its predominant positions, and the breakage through the support at 1.5940/20 has afforded the possibility to exercise the minimums at 1.5900 and further 1.5860/50. The price resides at 1.5880/90 now. The descending direction of the indicators afford a rise to presuppose the before mentioned levels aren’t the last local minimums which have been exercised by the currency pair this year, the support at 1.5800/10 is next in turn. The “bears” will obviously indulge to check up this level for endurance even today. The mood alternation for the next few days will become obvious at the trading comeback upwards and fixation higher than the resistance at 1.5940/50.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst