Resistance at 1.6200 held the first attempt, but should not be able to protect the upside when the next attempt to break above this resistance takes place. Once this resistance is broken, we should see an acceleration higher towards 1.6285 as the next upside target. However, in the longer term we are looking for much higher levels towards 1.6996 and 1.7274.
Only a break below support at 1.6075 will delay the upside pressure.
Trading recommendation:
Stay long EUR from 1.5858 with your stop placed at 1.6075. If you are not long EUR yet, Then buy EUR upon a break above 1.6138 with the same stop at 1.6075.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 1.6285
R2: 1.6235
R1: 1.6200
Current Spot: 1.6126
S1: 1.6120
S2: 1.6092
S3: 1.6075
Technical summary:
Resistance at 1.6200 held the first attempt, but should not be able to protect the upside when the next attempt to break above this resistance takes place. Once this resistance is broken, we should see an acceleration higher towards 1.6285 as the next upside target. However, in the longer term we are looking for much higher levels towards 1.6996 and 1.7274.
Only a break below support at 1.6075 will delay the upside pressure.
Trading recommendation:
Stay long EUR from 1.5858 with your stop placed at 1.6075. If you are not long EUR yet, Then buy EUR upon a break above 1.6138 with the same stop at 1.6075.
The material has been provided by InstaForex Company – www.instaforex.com
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