The presumption made yesterday concerning the structural decrease was confirmed. As for the period of today European session the pair is traded next to the bottom limiting line of the probable triangle pattern. 1.3650 acts as the optional obstacle of the April average power contract. The pivot points show a blurred picture about the supports. The RSI indicator possesses negative dynamics and is close to the oversold level. The present technical picture allows presuming deliberately the bounce out of 1.3650 and the continuation of the growth into the sector of 1.3850
Trading recommendations: to purchase in case of formation of the reversing candlestick formation (a Doji one, possibly) next to 1.3650 with the potential target at 1.3850.
Alternative scenario: the fixation lower than the appointed level of support will make negative and also open the potentially possible level of 1.3550.
Analysis prepared by:
Maxim Dmitrievsky
Forex4you analyst