The failure to accelerate higher through resistance at 1.6210 has delayed the upside pressure for a correction towards 1.5920 and maybe slightly lower towards 1.5878 before the next rally higher should be expected.
In the short term, we will be looking for minor resistance at 1.6020 and 1.6045 to protect the upside for a break below 1.5965 indicating continuation lower towards 1.5920 before the next bottom should be expected.
Trading Recommendation:
Our stop at 1.6075 was hit for a nice big profit. Now,we will now be looking to buy EUR at 1.5925 with a stop at 1.5740.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance Levels:
R3: 1.6148
R2: 1.6103
R1: 1.6045
Current Spot: 1.5974
S1: 1.5965
S2: 1.5920
S3: 1.5878
Technical Summary:
The failure to accelerate higher through resistance at 1.6210 has delayed the upside pressure for a correction towards 1.5920 and maybe slightly lower towards 1.5878 before the next rally higher should be expected.
In the short term, we will be looking for minor resistance at 1.6020 and 1.6045 to protect the upside for a break below 1.5965 indicating continuation lower towards 1.5920 before the next bottom should be expected.
Trading Recommendation:
Our stop at 1.6075 was hit for a nice big profit. Now,we will now be looking to buy EUR at 1.5925 with a stop at 1.5740.
The material has been provided by InstaForex Company – www.instaforex.com
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