The pair further resides in the self-confident “bears” trend consolidating within the range between the edges of less in size channel created at 3 pivot points marked with red ellipses. The RSI indicator is next to its maximum value that signals the possibility of decrease toward the bottom edge of the “punctured” channel; in case of successful breakage the targets at 1.5830 and 1.5750 (a potential one) will be opened. At the daily time-frame the key support level is the Fibonacci level at 61.8 (1.5683) which can be slightly over passed to 1.5600 (the channel’s edge).

Analysis prepared by:

Maxim Dmitrievsky
Forex4you analyst