We have seen a test of the trendline resistance near 1.6058, this trendline held on the first attempt, but we do not believe it will be able to protect the upside on the next attempt and a break above minor resistance at 1.6058 should accelerate prices higher towards 1.6179 and higher in the long term.
In the short term support is found at 1.5978 or slightly below, which ideally will protect the downside for the next test to break above the trendline resistance near 1.6058.
Trading recommendation:
Stay long in EUR from 1.5858 and keep your stop at 1.5905. If you are not long in EUR yet, then buy EUR 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: 1.6013
S1: 1.5978
S2: 1.5948
S3: 1.5907
Technical summary:
We have seen a test of the trendline resistance near 1.6058, this trendline held on the first attempt, but we do not believe it will be able to protect the upside on the next attempt and a break above minor resistance at 1.6058 should accelerate prices higher towards 1.6179 and higher in the long term.
In the short term support is found at 1.5978 or slightly below, which ideally will protect the downside for the next test to break above the trendline resistance near 1.6058.
Trading recommendation:
Stay long in EUR from 1.5858 and keep your stop at 1.5905. If you are not long in EUR yet, then buy EUR 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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