The presumptions of the previous analysis are further coming true as another endurance checkup of the resistance at 1.5120/30 was successfully rebuffed by the “bears”, the price returned to decrease and began to consolidate within the range between 1.5120/30-1.5000 mentioned in the last analysis. The trading is carried at 1.5020/30 at the current moment. The indicators lessened the “bullish” mood significantly and give great advantages to the continuation of the descendant trend. In other words, there’s every reason to expect the implementation of the presumptions in concerns of the decrease renovation following the observed consolidation as before mentioned whereof. It’s obviously reasonable to set mood on the exercise of the supports at 1.4880/90 and further 1.4820/10 as well. The expectances ass for further decrease should be postponed for some time in case of the breakage through the resistance at 1.5160/80: the resistances at 1.5330 and 1.5400 may also be checked up for endurance in this case. Even if it happens so the growth will have to be considered as a retracement within the edges of the predominant descendant trend.
Analysis prepared by:
Arkady Nagiev
Forex4you analyst