We are still looking for hard evidence that a firm bottom is in place at 1.5478. The first strong evidence will be a short-term break above 1.5646 and more importantly a break above resistance at 1.5700, which will confirm that a firm bottom is found at 1.5478 and a major rally is about to be seen.
Trading recommendation:
We missed our buying target at 1.5585 by a few pips, but will hang on to this buying order, hoping that the next decline will make it to our target.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.5732
R2: 1.5700
R1: 1.5646
Current spot: 1.5630
S1: 1.5589
S2: 1.5540
S3: 1.5478
Technical summary:
We are still looking for hard evidence that a firm bottom is in place at 1.5478. The first strong evidence will be a short-term break above 1.5646 and more importantly a break above resistance at 1.5700, which will confirm that a firm bottom is found at 1.5478 and a major rally is about to be seen.
Trading recommendation:
We missed our buying target at 1.5585 by a few pips, but will hang on to this buying order, hoping that the next decline will make it to our target.
The material has been provided by InstaForex Company – www.instaforex.com
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