At the moment, the price movement can be described by the yellow channel. It is likely that in the near future we will see a bearish trend from the upper bound of this channel to its lower wall and the support level of 1.581. In favor of this scenario is the fact that the price went beyond the green ascending channel, and went below the moving average, which indicates the strength of the bears. However, you should always remember about the alternative. If the price rises in the near future and the moving average breaks through at about 1.619, the price may continue to rise to the resistance level of 1.625, which is located on the upper yellow wall.
