Current level at 10:50 CET is 1.5752, trading well below the daily pivot point of 1.5916 and also below second support at 1.5775 and thus likely to have exhausted the downside potential for today. Daily Bollinger and standard error bands are poised flat to negative while the daily MACD has remained below the zero line since the 31st of March. The first major barrier for the downside is 1.5410 which marks the daily Ichimoku cloud top, followed by 1.5360 which marks the Fibonacci 38.2 percent retracement of the recent 1.4311 - 1.6020 range. The rising 55 day moving average is now positioned at 1.5398. It would be premature to tax this move as a radical change in trend. Many similar corrective phases in the past have been limited in their duration.
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