A downswing has started yesterday, needing at least two days to be completed. At the same time bears got a very stiff resistance area 1.1472-1.1490 (it’s marked with yellow) “under their feet” and it’s going to be quite uneasy to overcome it.
Market consolidation can be observed within local structure in a very narrow range of the last swing (1.1515-1.1535). It’s likely that we’ll see a short-term momentum to the break side of this channel. But tendency for correction of the single currency will remain.
Main scenario: Decline under 1.1515 in direction of the 1.1472-1.1490 zone.
Alternative scenario: Upward momentum to the 1.1560-1.1575 area and afterwards a new downswing in direction 1.1472-1.1490.
Seeking for local short-term sell signals in direction 1.1472-1.1490.