The price not only sank down till the minimums at 1.2520/30, which had already been mentioned before, but also breached this support and went on its decline – so it resides at 1.2470/80 now. The indicators tone holds on determine setting out the priorities in favor of further descending move. The next target will probably be at 1.2270/40. This support needs special attitude as the prolonged cease is possible here exactly. However, there’s also another powerful obstacle before this tick – it’s a support at 1.2390/95, which is shaping the MACD divergence and also denouncing about it to some degree. If this obstacle and 1.2270/40 fails to stop the “Bears” it’ll be reasonable to hope for the break at 1.2180/70. The price’s upward comeback, above 1.2530, which has already become a powerful resistance, may caution the change of the market climate.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst