1.5590/1.5600 resistance held back bullish attempts to push the price higher, so trading recommenced its decline and is now carried out at 1.5490/1.5500 level. Indicators are bearish again, suggesting further decline. If currently tested support is breached, the price will plunge towards 1.5400 level and then to the new local minimums at 1.5280/1.5300. On the other hand, it’s worth taking into account the fact, that the pair resides close to the upper bound of correction range, which leaves the possibility of further attempts to rise towards higher resistances, most likely at 1.5650 level, mentioned earlier. Medium-term outlook suggests decline to the next targets at 1.5230/20, 1.5100/20supports, as the downtrend is still deemed as dominating.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst