The price continued consolidating within 1.5720/40 – 1.5650 rage of local maximums. Trading attempted to rise further up, but failed and made only several short-term bounces. The pair currently resides at 1.5690/1.5700 level. Indicators are turning down, which gives reasons to expect a possible reversal down. However, the fact that SS is being overbought suggests being careful. Besides, the price now resides above the short-term trend (blue) line, which indicates strong bullish positions and gives grounds to anticipate growth to 1.5840 level. If, however, the above mentioned trend line is breached around 1.5600/1.5590 support, downtrend may recommence towards 1.5470/60 level and then to minimums at 1.5270/80.  

Analysis prepared by:

Arkady Nagiev
Forex4you analyst