We are still looking for a decline to 1.6000, no matter which count turns out to be the correct one. We still prefer the bearish count calling for one last decline closer to 1.5566, but we will have to stay flexible if support at 1.6000 protects the downside for a break above 1.6202 as that would shift the odds in favor of the bullish count calling for a test of strong resistance at 1.6325 and a break above will be bullish in the long term.
Trading recommendation:
We sold EUR at 1.6195 and will move our stop lower to 1.6130.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6285
R2: 1.6202
R1: 1.6129
Current spot: 1.6095
S1: 1.6070
S2: 1.6000
S3: 1.5952
Technical summary:
We are still looking for a decline to 1.6000, no matter which count turns out to be the correct one. We still prefer the bearish count calling for one last decline closer to 1.5566, but we will have to stay flexible if support at 1.6000 protects the downside for a break above 1.6202 as that would shift the odds in favor of the bullish count calling for a test of strong resistance at 1.6325 and a break above will be bullish in the long term.
Trading recommendation:
We sold EUR at 1.6195 and will move our stop lower to 1.6130.
The material has been provided by InstaForex Company – www.instaforex.com
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