The pair failed to break through 1.5140 and rolled back upward head ward yesterday decline since it had got a powerful support their. The endurance checkup of the resistance at 1.5270/80 failed the breakage again, and the price resides at 1.5240/50 now. The indicators appoints to the maintenance of the tone in favor of the descending trend, though less confidence now. Meanwhile, until the resistance at 1.5280/1.5300 isn’t broken through still yet the price is liable to decrease, and the renovation of the descendant movement is quite possible in the nearest time. The trading fixation below 1.5220 will signals about the renovation of the decline. Furthermore, another exercise of the support at 1.5140 and also the prospect of decline to 1.5080 are probable. The breakage through this obstacle will determine the next lowering down into the sector of the local minimums, 1.4870/60-1.4800. However, the endurance of 1.5060/50 – Fibo 50 per cent of the previous advantage of the pair should be taken into account in case of the “bearish” scenario of the events’ development. Both the increase and fixation of the price over the resistance at 1.5280/90/1.5300 will determine the continuation of the “bullish” trend, till 1.5370/80 still yet.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst