We are now in the very last part of the decline from 1.7274. Once this huge correction is over a new powerful rally should be seen. We are still looking for a move closer to the ideal corrective target at 1.5653 before the final bottom is in place, but to indicate that the bottom is in place, a break above resistance at 1.5858 is needed, and to confirm the bottom, a break above resistance at 1.5990 is needed.
Trading recommendation:
We will buy EUR at 1.5675 or upon a break above 1.5858. Stop will be placed at 1.5575.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.5985
R2: 1.5917
R1: 1.5858
Current spot: 1.5785
S1: 1.5717
S2: 1.5686
S3: 1.5653
Technical summary:
We are now in the very last part of the decline from 1.7274. Once this huge correction is over a new powerful rally should be seen. We are still looking for a move closer to the ideal corrective target at 1.5653 before the final bottom is in place, but to indicate that the bottom is in place, a break above resistance at 1.5858 is needed, and to confirm the bottom, a break above resistance at 1.5990 is needed.
Trading recommendation:
We will buy EUR at 1.5675 or upon a break above 1.5858. Stop will be placed at 1.5575.
The material has been provided by InstaForex Company – www.instaforex.com
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