In analysis from October 16 I wrote: “Currently price will test level 1.2800. As you can see on the daily chart is extremely important level. Level 1.2800 from January to mid-July, stopped upward move. At this time it will work in favour of the bulls generating rebound.” and “If appropriate support will stop falls, resistance for upward movement will be around levels 1.2950 – 1.2970. And the next resistances are 1.3010, 1.3120.”
That actually happened. Falls reached to level 1.2830 and then rebounded, it already broke above the resistance at 1.3120. Levels indicated in the previous analysis gave up more than 200 pips. Nearest target of upward movement there are two levels of 1.3215 and 1.3350. After its break above uptrend may continue. It should also be noted that the upward movement that lasted from May to September 2015 has now been corrected by 38.2%. It gives a chance for a permanently return to the main trend which is uptrend. However, if the bulls will show weakness and started the downward movement that further supports are at levels: 1.3120, 1.3040, 1.2950, 1.2800.
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