The “bears” have made an effort to break through the level at 89.00 and continue the decrease; however it failed and the trades resided further within the range of 89.90/90.00-89.00. Up to the very moment the price resides at 89.30/40. The “bearish” mood of the indicators is maintained and that further points at the renovation of the descendant trend in a short time. No total changes have happened. The presuppositions of the previous commentary are relevant i.e., the breakage through the support at 89.00 will signal about the renovation of the price decrease and exercise of another local minimum at 88.00/87.80 in the shortest possible time. Meanwhile, if the price rises higher than the resistance at 90.10/15 in course of its growth the probability of the comeback to the trend downward will be doubtful greatly.
Analysis prepared by:
Arkady Nagiev
Forex4you analyst