The “bulls” efforts to jostle away the trading till the new local maximums was completed at 1.3690, thereupon the price decreased and resides at 1.3570/60. The downfall lower than1.3640/30 declined the increasing scenario and, as it was mentioned in the previous analysis, determined the preferences in favor of the mid-term “bearish” trend’s lasting. The indicators’ values support the probability of such a kind to a great degree as the R% collapsed into the oversold zone, MACD got back the histograms into the negative sector, below zero mark, and finally, SS reversed downward failed to uplift into the over purchased zone. The present picture obviously grounds the expectances of further price decrease thereupon the breakage through 1.3520/30 exercised today, though not broken through still yet. The support may be expected at 1.3470/60 and further at 1.380 as well.
Analysis prepared by:
Arkady Nagiev
Forex4you analyst