Since an impermanent consolidation within the range of 1.5030/20-1.4950/30, which had already been predicted in the previous analysis, the price broke through the support at 1.4940/30 and decreased till 1.4885; however, it has come back upward up to the present moment targeting to check up the already broken support for endurance, but as a resistance this time. The indicators strengthen their preferences to the descendant trend, and that exactly suggests avoid expecting the breakage through the exercised resistance; otherwise even if it happens so the resistance at 1.4950 will remedy the situation. More arguments have appeared which confirm the presumptions of the previous analysis concerning the exercise of the minimums at 1.4780/90 in the nearest possible time thereupon the breakage through 1.4940/30. The signals of the “bearish” scenario’s decline, for some time anyway, are the same i.e., the price increase higher than 1.5060/65-1.5090.
Analysis prepared by:
Arkady Nagiev
Forex4you analyst