«Bears» do not stand still, and the recent correction gave them strength. The local lows of May 9 (1.1821) had declined and the quotation moved gradually but was firmly fixed below. Oversoldness can be felt generally, but at the end of the movement, the pair may lack sufficient point of support although «bullish» positions occasionally slip. It is possible to assume that in case of fixing the price below 1.1790, a downward movement will even move lower to the band level of 1.1700 / 1.1650, where the «bulls» will have an opportunity to breakdown in order to change the current mood.
At the same time, it cannot be ruled out that the bulls will come to their senses and will not let the bears fall below 1.1790, thereby showing the stagnation result in the framework of 1.1790 / 1.1850.
* The presented market analysis is informative and does not constitute a guide to the transaction.