The “Bulls” broke a trend line of the long-term descending channel (green lines) and after some stop have been able to rise above the resistance of 92.50/60. Currently, trading session is conducted at the level of 93.10/00. The indicators regain the upward mood and this may indicate the intention of taking an attempt to break another version of the trend line of the long-term descending channel (blue lines) in the area of the levels 93.40/50. If these attempts are successful it is probable to expect growth in the price area of 93.80/94.00, where a large-scale correction in concern with the increase can take place. Otherwise, if the level 93.50/40 is not broken, it is likely to observe the sideway consolidation of prices in the range of 93.50 - 92.20/10.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst