“The pair found support at the 1.5606 retracement level (50% of Jan – Mar 2013 impulse wave), as MACD remained bearish but showed signs of convergence.”
“There is an increasingly likely period of consolidation of marginal upside expected, as the price stays above the key support levels and oscillators suggest a pause in the downtrend is looming.”
“Therefore, with the caveat of a break below 1.5600 (opening 1.5424), I would expect the price to consolidate within 1.5600 – 1.6000 area with further big move depending on the test of 1.5600 support and oscillators developments.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.