Quick and rapid decrease till 0.9110/00 occurred, though not out of 0.9150/60, as mentioned in the former analysis, but from 0.9190, which has also been mentioned in the previous commentary. Thereupon the exercise at 0.9110 the price has returned upward and resides at 0.9160/50 now. The indicators have never shown any splashes of the “bullish” activity; and now they’re likely reversing downward as R% has already sunk down out of the over purchased zone, SS is still within this very zone, and finally, MACD has begun to decrease the histograms. The market picture inclines to expect the continuation of the already begun decrease. The breakage through the line of the ascendant trend (the red lines) will become informative in this respect. If the price manages to fix itself lower than this support the deep arguments to expect the decrease till 0.9065/40, which has become a powerful support, will appear.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst