The anxieties mentioned in the previous analysis that the decrease’s expectances should be delayed for some time in case of the breakage through the resistance at 1.5160/80 start to become relevant. The price increased till the resistance at 1.516/80 and is making efforts to break through this obstacle. The indicators demonstrate a self-confident “bullish” mood, except for R% that is demonstrating the probability of the reversal downward. Nevertheless, the present picture might be considered as the confirmation of the raise’s lasting. If the breakage occurs the predictions made in the former analysis will begin their accomplishment i.e., the resistance at 1.5330 and 1.5400 may be checked up for endurance. However, till the occurrence of this very event the ‘bears” have good chances for the comeback to power from the exercised resistance this time already. The signal that the descendant trend will have renewed will become the price decrease lower than 1.5110/00, and as a supplement, an extremely powerful confirmation, the breakage through the support at 1.5060.
Analysis prepared by:
Arkady Nagiev
Forex4you analyst