The “bulls” have never managed to get over the maximum of the previous day i.e., 1.3700/05. The trading began its rollback downward and is carried at 1.3550/60 already. The indicators changed their preferences once again and denote a large preference for the “bears”, because R% resides within the oversold zone again, MACD has decreased below zero, and finally, SS is moving flat demonstrating neutrality. The present state of affairs affords grounds for the expectances of the descendant trend’s lasting. Meanwhile, the level of 1.3540/50 has approved itself both as the most powerful support and also not less firm resistance recently. That’s why, it’s reasonable to wait till the breakage through this resistance for better assurance in the continuation of the price decrease now i.e., in the nearest future. If it happens so the exercise of another support at 1.3500/1.3490 will occur in the shortest time. The failure of the breakage will cause the rollback till the resistance at 1.3600 still yet.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst