The fears that the support at 1.0230/35 can push the pair up and that the consolidation in the sideways range between 1.0370 – 1.0240/30 will continue, confirmed. The pair continued its growth and is now at 1.0290, after testing the level of 1.0340. The indicators give no clear signals, which means that the price will remain in the formed price range. The inability of the bullish trend to break out of the short-term downtrend channel (the red dotted line) favors the continued bearish trend. Obviously, now the priority is left on continued downtrend to 1.0150/40, as noted above.
Hello, my name is Arkady Nagiev and I’ve been working for Forex4you company since 2008. I received an economic education and worked in various sectors of former Soviet Union. After the dissolution of the USSR, I decided to engage in the banking sector. In 1994 I took "Banking" course in the Moscow International Financial and Banking School. After that, I worked in the banks of Turkmenistan and Ukraine. While working at the bank, I became interested in the foreign exchange market, which required additional knowledge and pushed me to study strategies and techniques for the analysis of foreign exchange instruments. At first, I thought that technical analysis would be enough, but I soon realized that I was wrong, and began to study fundamental analysis. I sincerely hope that my Forex reviews and financial analyses help our clients to gain a better understanding of the forex market. Good luck with your trading everyone!