Bearish trend recommenced, trading is currently carried out at 1.2340/30 level. Indicators suggest further downtrend, which gives reasons to expect earlier forecast to confirm. Decline towards 1.2240/50 support is the most possible scenario. If this barrier on the way down doesn’t hold back the bears, level 1.2160/45 will be tested next and the price will most likely commence its decline towards 2010 minimum – level 1.1880/90.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst