We are locked in a short-term consolidation after the break above the falling trendline resistance. However, this consolidation should be over soon and a break above minor resistance at 1.6109 will confirm acceleration higher towards 1.6179 and likely even higher towards 1.6517 on the way higher towards 1.6996.
Short-term support will be found at 1.6039 and again at 1.5974, but ideally support at 1.6039 will be strong enough to protect the downside for the next rally higher.
Trading recommendation:
Stay long in EUR from 1.5858 and keep your stop at 1.5970. If you are not long in EUR yet, then buy near 1.6039 or upon a break above 1.6109 with the same stop at 1.5970.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6179
R2: 1.6131
R1: 1.6109
Current spot: 1.6052
S1: 1.6039
S2: 1.5974
S3: 1.5930
Technical summary:
We are locked in a short-term consolidation after the break above the falling trendline resistance. However, this consolidation should be over soon and a break above minor resistance at 1.6109 will confirm acceleration higher towards 1.6179 and likely even higher towards 1.6517 on the way higher towards 1.6996.
Short-term support will be found at 1.6039 and again at 1.5974, but ideally support at 1.6039 will be strong enough to protect the downside for the next rally higher.
Trading recommendation:
Stay long in EUR from 1.5858 and keep your stop at 1.5970. If you are not long in EUR yet, then buy near 1.6039 or upon a break above 1.6109 with the same stop at 1.5970.
The material has been provided by InstaForex Company – www.instaforex.com
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