It is “Make it or break it” time. A break below support at 1.5974 indicates that we will see one last decline towards the long-term target at 1.5566. If however, support at 1.5974 protects the downside for a break above resistance at 1.6095, odds will begin to favor the upside for a new test of important resistance at 1.6285 for a continuation higher towards at least 1.6787 and possibly even higher.
Trading recommendation:
Stay short in EUR from 1.6195 and place stop and revers at 1.6100.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6128
R2: 1.6095
R1: 1.6048
Current spot: 1.6021
S1: 1.5974
S2: 1.5956
S3: 1.5914
Technical summary:
It is “Make it or break it” time. A break below support at 1.5974 indicates that we will see one last decline towards the long-term target at 1.5566. If however, support at 1.5974 protects the downside for a break above resistance at 1.6095, odds will begin to favor the upside for a new test of important resistance at 1.6285 for a continuation higher towards at least 1.6787 and possibly even higher.
Trading recommendation:
Stay short in EUR from 1.6195 and place stop and revers at 1.6100.
The material has been provided by InstaForex Company – www.instaforex.com
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