In the previous analysis I pointed that upward movement is a correction and if break above 1.5780 fails declines will be back and target will be at 1.5420. I wrote: “Currently, rebound is in progress, which as yet is not too successful. The upward move was detained at the fibo 50% of downward movement, which currently looks like a pause in further falls. However, break above resistance level at 1.5780 should bring some upward dynamic.”

So it happened, level 1.5780 has not been defeated and traders have the opportunity to earn up to 300 pips. After reaching the support level 1.5420 declines not slowed down and the next support level of 1.5200 was tested.

At the moment rebound may appear near 1.5420. After that there should be a continuation of falls. If the downward movement will be deep it can reach up to the level of 1.3700. Previously, price will have to defeat the next supports: 1.5220, 1.5000, 1.4750, 1.4400, 1.4000. Alternatively, if bulls breaks above resistance at 1.5420 the level 1.5780 will be the goal of upward movement.


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