1.5780/90 level – downtrend regression channel’s (blue) line halted the first “bullish” attack. Having reached 1.5700/10 support the price ascended back up to 1.5780/90 resistance, making further attempts to pass this barrier on the way up. Indicators suggest weakening “bullish” sentiment, which may indicate that the price will most likely fail to breach currently tested level again. Therefore, further consolidation between 1.5780/90 – 1.5700/10 levels looks to be the most possible scenario at the moment. 1.5630 support breakout will be a signal to consider a reversal to a medium-term downtrend. If trading holds above 1.5780/90 level, targets at 1.5850/80 levels will be tested anytime soon. 

Analysis prepared by:

Arkady Nagiev
Forex4you analyst