Earlier forecasts, expecting correction in the pair, seem to be confirming, although the price hasn’t reached its local lows yet and is still consolidating in the upper part of consolidation range between 1.0000/20 – 0.9860/30  levels, which gives reasons to consider risks of further possible growth to the next resistances at 1.0120/50 level. On the other hand, indicators suggest further decline, most likely towards 0.9620/00 local minimums. 0.9790/0.9800 support breakout will be a signal to the above mentioned scenario. Another bounce from 0.9860/30 support, which is a lower bond of the correction range, will indicate the beginning of the alternative scenario – growth towards 1.0120/50 level. 

Analysis prepared by:

Arkady Nagiev
Forex4you analyst