The level of 1.5180/60 has confirmed its status of a powerful resistance. The price started rollback downward failed to get over this obstacle. Another breakage through all supports mentioned as signals determined comeback to the descendant trend, and now the trading is carried at 1.4960/70. The indicators has distinctly changed their preferences in favor of decrease as R% collapsed into the oversold zone, SS is also likely to begin a reversal, and finally, MACD returned the histograms into the negative sector. Obviously, under such circumstances the continuation of decrease to the minimums at 1.4790/80 is very probable. Meanwhile, the powerful supports’ clustering mentioned by the completing prices during the former price decrease confirms about the probability of the prolonged cease. The outlook of this kind may be fulfilled with the lateral trades’ consolidation within the range between 1.5030/20-1.4950/30. The breakage through the support at 1.4940/30 will cause the exercise of the minimums at 1.4780/90 in the nearest time. The price increase higher than 1.5060/65-1.5090 will prompt the dullness of the “bearish” potential and will afford grounds for the apprehensions in concerns of the pair’s comeback to its growth.
Analysis prepared by:
Arkady Nagiev
Forex4you analyst