The “bulls” widened the range of trading a little when they increased the resistance till higher level of 1.5070/80. Thereupon the exercise of these rates the price comes back downward and resides at 1.5000/10 now i.e., at the recent line of the resistance of the consolidation corridor as this line had become quite not bad support. The breakage through this “leg” on the way downward will determine the return to the ranging support i.e., 1.4900/20/10 and will afford grounds for presumptions of the absence of any changes at the market; in other words, the probability of the development for two variants – both the “bullish” and the “bearish” ones are still high. Meanwhile, the indicators have strengthened their values in favor the “bullish” lasting a little – R% is distinctly directed upward, SS shows the escape beyond the oversold zone, and MACD continues to raise the histograms. In other words, the variant of the growth starts to acquire more equity. Nevertheless, until the breakage through the key resistances, rather to say the range between 1.5240-1.5180 the price increase may be considered as the retracement to the recent price decrease.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst