The price attempted to breach 1.5650 support, but failed. Trading descended, but then recommenced growth. Such reversal may be a sign of a possible consolidation within 1.5720/40 – 1.5650 range, which may end up with a breakout higher and lead the price towards 1.5840 level. Indicators, however, still suggest further decline, which is quite a possibility if the price  breaches 1.5560 support and then 1.5470/60 level. If it does, trading will drop back to 1.5280/70 minimums any time soon.  

Analysis prepared by:

Arkady Nagiev
Forex4you analyst