The apprehensions concerning the rollback upward mentioned in the previous analysis and grounded upon the “bullish” values of the indicators were availing. The price started to grow and resides at 90.40/50. The indicators have never changed their tune as the divergence at MACD was implemented, and the histograms continue their growth within the positive segment already, and R% affords grounds for the presumptions of the growth lasting, while keeping itself within the oversold zone together with SS directed upward almost vertically. The next obstacle where the price will cease will obviously be 91.00/10-90.90. The massive rollback downward is probable greatly starting from this resisting range. The doubts for the power of the “bulls” will appear in case of the breakage through the support at 89.80, and the final decline of the increasing scenario will become relevant at the price decrease lower than 89.30/20.
Analysis prepared by:
Arkady Nagiev
Forex4you analyst