The disappointments concerning the price decrease till 88.00/87.80 mentioned in the previous analysis turned out to be untenable as the price has almost exercised this level, while marking itself at 88.10. Up to the very moment, since the rollback upward, the price is lowering down again and resides at 88.30/35 now. This situation may possibly be considered as the probability of another exercise of 88.00/10 and even little lower rates – 87.80/90. Meanwhile, the indicators that maintain the “bullish” values – the divergence at MACD and the getting out beyond the oversold zone of R% appeal for caution warning about the probable massive rollback upward. The breakage through the support at 88.00/87.80 will afford grounds for convincing in the power of the “bears” and expectance of the exercise of the next support at 87.30/40.
Analysis prepared by:
Arkady Nagiev
Forex4you analyst