As a counter to the expectances of the previous analysis, the “weak unit” turned out to be the resistance at 1.3600; the price broke through this obstacle and resides at 1.3660/70 now. The indicators reversed upside down their values to the opposite, “bullish” end; however, the only R% demonstrates vividly expressed ascending mood, while MACD has increased the histograms above zero, but not ‘forthcoming”, and finally, SS is still moving downward and retarded its decrease only. The situation obviously encourages the presumptions of the uplift’s lasting till the resistance at 1.3680/90, which coincides to the trend line of the descendant channel (the red lines). Quite possibly, the power of rebuff at these levels will stop the increase and reverse the price to the descending movement. Otherwise, the breakage through this obstacle will enlarge the probability of the exercise of the next resistance at 1.3745/50. The signal of comeback to the decrease will be the trades’ sinking lower than the support at 1.3600/10.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst