No significant changes have been made to the structure, so the price stayed within the range and is now approaching 1.3380 resistance, mentioned earlier as the key barrier on the way up. Indicators are unclear, so future outlook is rather vague and earlier forecasts still apply - 1.3380 resistance breakout will give more reasons to expect a reversal towards the uptrend channel (red lines) with 1.3480/90 level, being the next barrier on the way up. However, the bearish potential is still strong enough to recommence a downtrend. If the price declines below 1.3290 support and holds below the short-term trend line (blue line), we'll be expecting further decline towards 1.3110/20 level, which is now the auxiliary trend line (blue-dashed line).
Analysis by: Joaquin Monfort
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