The price failed to hold below regression channel's downtrend (blue) line and recommenced its growth, so it now resides at 1.5820/30 level. Indicators seem to suggest further "bullish" development, although currently forming divergence on nearly all oscillators gives reasons to be cautious and consider a possible pullback down, which has all chances to commence after the price tests 1.5900/20 or even 1.5870/90 level. Another decline below 1.5770/80 support will indicate further plunge to 1.5700 and then to 1.5660/70,1.5630 levels. Active growth in this pair is unlikely.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst