Earlier forecasts, expecting another decline towards breached downtrend line (blue line), seem to be confirming. The price is testing earlier mentioned 78.80/70 support and may drop even lower, towards 78.60/50 line. Indicators have turned down, but it doesn’t contradict the above mentioned assumption.  Reversal to the channel’s sector will give reasons to expect more serious changes in the market sentiment – i.e decline to the local minimum at 77.80. Current decline should be considered just a correction to growth, ascension may recommence anytime.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst