The pair confirmed the assumptions and formed a sideway correction, which can be a continuation of the downtrend. The price rose to 1.2930/50 and is now trading at this level. The indicators again support the bulls, which could mean a continued recovery and a return to the resistance at 1.2980/90. Alternatively, the pair may grow to 1.3030/20. However, this won’t change the overall situation and the bearish movement. Should the price cross and fix above the level of 1.3050, this would signal a change into the bullish trend. The closest strong obstacle for the bears is the same “neck line” (the green line) of the “head and shoulders” pattern, which now coincides with the level of 1.2770/40.
On trying to continue its growth, the pair reached the resistance at 1.5150/60 and touched the level of 1.5120/30. Then the price started its correction and is now at 1.5080/90. The fact that the pair remained above 1.5080 supposes that it may have more attempts to test the level of 1.5150/60. The indicators also show this probability. However, the prospects for a medium-term plan remain unchanged and support the bears: the pair is expected to move down and break the support range of 1.5080/50, which will signal the resumption of the downward with the next target set at a new local minimum at 1.4830/40.