Earlier forecasts, expecting further growth, confirmed – the pair ascended to 1.5650/40 resistance level, which turned out to be strong and pushed the price back down. At the moment trading is carried out around 1.5590/1.5600 levels.   Indicators are turned up, suggesting further ascension. On the other hand, strong resistance levels on the way may halt growth. Until the price holds above 1.5650 level the “bearish” potential should be considered strong. Trading is likely to continue consolidating sideways. If the price breaches 1.5570/60 support and holds below, we’ll be expecting a reversal to a downtrend with further possible decline, most likely to 1.5450/40 and then to 1.5330\30 level. 1.5650 breakout and the following fixation above will indicate a reversal to the earlier forecast – growth to 1.5770/80 and 1.5920 levels.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst