As a result of lasting from 27 January declines the market last week arrived in the vicinity of local support 308.50 and measuring 61.8% Fibonacci correction. Since then, we observe 130 pips high consolidation from which a breakout thru bottom could pave way for further declines, even in the vicinity of the level of 306.50.
On January 26th market broke bottom of lasting from 22 September 2016 consolidation. Although the lower limit of the previous consolidation after the defeat has already been tested from the bottom (as resistance) from beginning of the week we observe slow growth. If move to north would continue in the near future we expect a re-test of 8.9200 levels although it is worth paying attention to located a little further local resistance coinciding with the measuring 38.2% Fibonacci correction of the last bearish impulse. Perhaps increases can reach there.
As a result of ongoing growth from the beginning of the week the market today reached a significant resistance around 8.3500. Because in the past, this level was tested both from the bottom and from the top and was an important resistance and then support so also this time we expect to occur in its surroundings supply response.