79.30 support triggered further range consolidation between 79.70 – 79.30 levels, like expected. Trading is currently carried out at  79.40/50 level. Indicators are still unclear, suggesting further sideways correction within previously formed range. Downtrend in SS, however gives reasons to expect 78.60 support test anytime soon. Reversal up is possible if the price climbs above 79.90/80.00 resistance.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst