Hopes that 1.0120/50 resistance would be strong failed. The price breached this barrier and now resides at 1.0190/1.0200 levels. Indicators are now more or less steady, indicating further growth. However, MACD divergence warns us of a possible pullback. Strong resitance at 1.0230/20 gives reasons to be cautious and expect ascension to halt. Therefore, its worth considering a possibility of decline towards 1.0120/30 support level. If it’s breached, level 1.00020/30 will be tested soon after. Further growth will be held back by 1.0230/50 barrier.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst