The target at 1.3780/90 mentioned in the previous analysis has been reached. Thereupon the exercise of this level the price began its rollback downward and it’s checking up for endurance the support at 1.3720/10 now. The indicators’ mood changed and denotes the “bearish” preferences. The price has broken through the short-term line of the ascendant trend (the blue lines) and is making attempts to fix itself below. Such a picture speaks about the high probability of the descending movement’s lasting. The key obstacle, the breakage through which will afford more explicit conviction that the market has changed direction, is 1.3700/1.3690. The trading fixation lower than this support will become a reason for the expectances of the price’s comeback till 1.3640/50. Meanwhile, until the price hasn’t even fixed itself lower than the trend line (the blue line) still yet the renovation of the increase targeting the exercise of the new maximum at 1.3820/30 is a high probable event.
Analysis prepared by:
Arkady Nagiev
Forex4you analyst