The pair was traded broader than predicted yesterday. The price checked up the support at 1.5080 and following that recovered upturn. It currently resides at 1.5200/1.5190. The indicators’ values further prefer the advance, while the weakness in upgrading, which was caused by retracement, is recovering. This proves high probability of both the ascendant trend’s renovation and checkup of the new local maximums. Meanwhile, the breach of those very resistances at 1.5230/50 is necessary for better assuredness in the above mentioned events. If it occurs, the former forecasts may begin their fulfillment i.e., the essential potentials of the upgrading trend with the possibility of near term checking up the range of 1.5500/1.5600 will mark themselves. However, until this takes place the probability of the comeback to the downgrading trend is of the same relevance; furthermore, the breach and trades’ fixation below the trend line of the upgrading channel (the blue line) will point to the accomplishment of this scenario exactly. On the contrary, the bounce out of currently checked 1.5200 will afford grounds for predicting the probability of the sideways move’s lasting within the range of 1.5200-1.5080.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst