Earlier analysis confirmed and the price descended, testing downtrend regression channel's (blue) line as support. Level 1.5780/90 halted further "bearish" movement and triggered a pullback up, so trading is currently carried out at 1.5830/20 levels. However, indicators are weakening their "bullish" readings, which suggests uncertainty in the market. In the current situation sideways movement within 1.5860 – 1.5790/80 range. 1.57780/90 support breakout will be a signal for deeper correction, down to – 1.5660/70,1.5630 levels with further possible medium-term decline. If the price keeps on its growth, target will be found at 1.5900 level and then, if it's breached, trading will proceed towards new local maximums at 1.6120/70 levels.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst