The "bulls" confirmed their strong potential and resumed growth from 1.5800support. The price has recently ascended towards the breached uptrend channel (red) line and is now testing it again. Trading is carried out at 1.5990/80 level. Earlier forecasts expected a medium term "bullish" trend to recommence if the price retraces back to the uptrend channel sector. So, if current attempts turn out successful, the price will most likely ascend towards 1.6090/1.6100 resistance levels. Indicators are turned up, so the price may succeed. At the same time, level 1.6000 looks to be a strong barrier on the way up, so it's worth considering a possible pullback down too. Decline below 1.5910/00 support will turn market sentiment "bearish" and the price will most likely plunge to 1.5760 level.
Analysis prepared by:
Arkady Nagiev
Forex4you analyst