The price remained in a narrow range and now resides at 1.5500/05. Indicators are hesitating, which shows, that the market is unsure and instable. Yesterday’s assumptions are probably still relevant – key resistance 1.5550 breakout and fixation above will indicate the “bullish” mood, and a rise above 1.5640 and the entrance to an upward channel sector (blue lines) will be the signal to the “bullish” victory and future growth to 1.5790/1.5800. If the trading goes down below 1.5470, we’ll have reasons to keep to the “bearish” scenario.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst