In view of recent decrease it’s suggested to look at the 5-month old forecast, which is still quite relevant up to the very moment. Of course, there were attempts to set forth the alternative scenarios with growth during all over this period of time; this one looked like quite esthetic, for instance. However, the proverbial wisdom of traders fables: “Long intervals always have priorities over smaller ones”. It has turned out to be so exactly. It’s reasonable to attempt précising the structure of the rates’ nature at a smaller, daily, temporal interval while being guided by the long-term picture still yet. That same level of 208 Fibonacci, which is plotted out of the first wave of decrease, appears a zone of support here. The RSI indicator is much lower than the level of 25 that tells about the significant oversold and the possibility to retrace. The approximate target of the retracement is 1.5300/400; the top edge of the channel resides in the same place. Thereupon the retracement the renovation of the “bearish” tendency is presumed with the targets within the sector of 1.4100.

Analysis prepared by:

Maxim Dmitrievsky
Forex4you analyst