The price slipped towards the short-term uptrend (blue) line and is currently testing 1.5600/1.5590 support. This level has been mentioned earlier as the key level for decline, and these assumptions are still relevant.  Should the price hold below 1.5590 level, trading will most likely descend towards 1.5470/60 level with a possibility of a deeper plunge towards the minimums at 1.5270/80 level.   Indicators suggest to expect the tested support to be breached and the price to decline further down, especially taking into account recent decline of MACD and R% and SS’s escape from the overbought zone. Growth above 1.5730 resistance will cancel the “bearish” development.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst