The trading rolled back downward without exceeding the local maximum at 1.3820. The trading collapse lower than the support at 1.3740/20, mentioned in the former analysis, determined great doubts in the power of the “bullish” trend. The price decreased till 1.3645; but since after it got a support the price rolled back upward and resides at 1.3680/70. The indicators’ behavior signals the high probability of the descendant trend lasting. However, for this it’s necessary to surmount the price range between 1.3660-1.3640, which approved itself as a very essential support. If the “bears” manage to complete this task the exercise will become obvious as for 1.3600/10 and further 1.3570/60 as well as the latter is quite able to bid to become the key one for the passage of the trades to the local minimums at 1.3450/30. Since the trades’ fixation higher than 1.3760 it will become possible to speak about the return to the increase.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst