The “bears” effort to seize the initiative has completed in the impermanent breakage through the support at 89.80. Following that the growth renewed, and the trading is carried at 90.40/50 now, whereas the “bulls” are making other attempts to break through this resistance. Thereupon the rollback downward the indicators returned to the increasing values, however, the divergence is possible at MACD, though in favor of the “bearish” trend, and that in its turn claims for caution in trades at this pair. Nevertheless, the presumptions of the previous commentary are still in force as another obstacle, whereat the price will make a cease, are going to be 91.00/10-90.90. Thereon this resistance range the massive rollback downward is greatly probable. The decline of the increasing scenario will become relevant at the price decrease lower than 89.30/20.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst