The correction from 1.5981 became slightly deeper than expected, but with a low at 1.5907 important support at 1.5905 was secured and we should now see a continuation higher towards strong resistance at 1.6179 and a break above here will confirm that a important long-term bottom is in place at 1.5744 for a rally towards 1.7274 and higher towards 1.9094 longer-term.
In the short term we should ideally see support at 1.5978 protecting the downside for a break above 1.6058 towards 1.6179.
Trading recommendation:
Stay short in EUR from 1.5858 and keep you stop at 1.5905. If you are not long in EUR yet, then buy near 1.5978 or upon a break above 1.6058 with the same stop at 1.5905.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6179
R2: 1.6104
R1: 1.6058
Current spot: 1.6020
S1: 1.5978
S2: 1.5948
S3: 1.5907
Technical summary:
The correction from 1.5981 became slightly deeper than expected, but with a low at 1.5907 important support at 1.5905 was secured and we should now see a continuation higher towards strong resistance at 1.6179 and a break above here will confirm that a important long-term bottom is in place at 1.5744 for a rally towards 1.7274 and higher towards 1.9094 longer-term.
In the short term we should ideally see support at 1.5978 protecting the downside for a break above 1.6058 towards 1.6179.
Trading recommendation:
Stay short in EUR from 1.5858 and keep you stop at 1.5905. If you are not long in EUR yet, then buy near 1.5978 or upon a break above 1.6058 with the same stop at 1.5905.
The material has been provided by InstaForex Company – www.instaforex.com
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