The mood in favor of the “bearish” scenario mentioned in the previous analysis turned out to be untenable. Thereupon the exercise of 1.3520/30, which hadn’t allowed the price to last its decrease, the trading began its raise and is carried at 1.3650 now; however, it has already been at 1.3700/10 before. The indicators’ values set mind on the presumptions of the growth continuation as R% makes efforts to enter the over purchased zone, MACD again rose above zero, and SS is moving flat thereupon the decrease, and that may mean the beginning of the reversal upward. The present picture probably gives reasons for a high probability of the growth lasting. The breakage through 1.3735 i.e., the previous maximum, will become a significant moment in this situation. If it happens so the exercise of the trend line of the descendant channel (the red lines) will be checked up for endurance within the sector of process round to 1.3750/60 in the shortest possible time. After all, the sound grounds to expect the breakage through this resistance together with the growth lasting till 1.3800/40 will appear.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst