The price approached 80.60 level, mentioned earlier as the next target, and is now consolidating at 80.30. Indicators are bullish, suggesting further growth. However, looks like is now time for correction.  Another bounce up towards 80.60/70 level is possible, but then trading will most likely pullback towards 79.90/95 support. Ascension to 81.20/30 is also a possibility. Correction below 79.80/70 support will indicate bullish weakness. Decline below 79.40/30 level will indicate the change of sentiment towards the “bearish”.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst