Yesterday’s assumptions, that the price would continue its downward movement didn’t come true. The price breached resistance 1.5470/90, giving a cause for further doubts about the “bearish” power, and now resides at 1.5520. Key resistance level breakout failed, so a reversal to a downtrend is still a high-possibility. Falldown below 1.5470 will suggest the “bearish” leading positions and their return to the market. Nevertheless, indicators are currently “bullish”, giving reasons to expect further growth. Resistance 1.5550 breakout and a rise above 1.5640 will give sound grounds to anticipate an uptrend.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst