Attempt to break support 1.5470 and commence the “bearish” scenario failed. The level was breached, but the price pulled back to consolidation range 1.5550 – 1.5470, where it still resides. Indicators are uncertain and don’t show any particular direction. Expectations, mentioned in the previous comments are still relevant – key resistance level 1.5550 breakout and fixation above will suggest the growth. But only level 1.5670/80 breakout will give a final signal to the “bullish” moods and anticipate levels 1.5790/1.5800 tests in the nearest time. The “bearish” trend will be prevailing if the price falls below 1.5470. In this case we’ll be expecting support level 1.5340/30 test. Support 1.5500/1.5490 breakout will be an early indicator of a downtrend.
Analysis prepared by:
Arkady Nagiev
Forex4you analyst