The breakdown of the price range of 1.3660-1.3640, mentioned as a key one on the way down, let the price decline to the target levels of 1.3600/10 and 1.3570/60, noted in the previous comments. Currently the price is at the level of 1.3560/70. The indicators behaviour remains “bearish”, signalling a high probability of continuing the descending trend. However, the supports gained are strong enough to resist the fall for some time and even provoke a fall back to 1.3640/30. Perhaps, the side way consolidation is the most likely option to continue in the nearest time. Nevertheless, the prospects are still waiting for the next test of local minima at 1.3450/30 with suspicion that it should be not later than 24.03.2010. The return to growth at the moment will be possible at the trade consolidation higher than 1.3700.
Analysis prepared by:
Arkady Nagiev
Forex4you analyst