The “bears” managed to breach 1.5490/70 support. Trading is currently carried out at 1.5430/20 levels. Indicators are now even more bearish, suggesting further decline to 1.5320/00, 1.5270/50 support lines. On the other hand, there’s also another significant support on the way down, level 1.5400, which is strong enough to hold back the bearish potential. If the price passes this barrier successfully, the above mentioned supports will be tested any time soon.  The “bulls” will have chances to recommence their trend only if they breach 1.5700/1.5680 resistance.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst