As it was mentioned in the previous technical analysis of this currency pair dated 09.08.2013, according to the formed technical signs, there was the potential for stopping of downtrend which finally happened. Sellers were not successful to continue this trend.Right now price is under 5-day moving average in long term time frames such as monthly, weekly and daily that shows a consistent downtrend in long period of time.
During the uptrend from bottom price of 1.11958, price with reaching to the downtrend line and breaking of it did not qualify for ascending. In the return of Price, the downtrend line’s property is reversed and as a supportive line is impressive on price. Also price is on the descending trend line made of 2 bottom prices that with formation of a bottom price (the third point of ascending trend line) warns about ascending of price.
Stoch indicator in 4H time frame is in saturation sell area and with the next cycle warns about ascending of price during the next candles, but because of lack of coordination with the daily time frame is not much valid. Given the current situation of price, the best confirmations for ascending and reformation of price is closing of bullish candle in weekly time frame and being of price above 5-day moving average in daily time frame.