We are in a position where an acceleration higher towards 1.6481 could take place any time. In the short term we will be looking for a break above 1.6040 as the possible catalyst for this acceleration higher. Support is now found at 1.5955 and strong support at 1.5922, which we expect will protect the downside for the break above 1.6040 and an acceleration towards the target for red wave iii at 1.6481. Only a break below support at 1.5842 will confuse the overall bullish picture.
Trading recommendation:
We are long EUR from 1.5790 and will move our stop a little higher to 1.5835.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6134
R2: 1.6085
R1: 1.6040
Current Spot: 1.5996
S1: 1.5955
S2: 1.5922
S3: 1.5887
Technical overview:
We are in a position where an acceleration higher towards 1.6481 could take place any time. In the short term we will be looking for a break above 1.6040 as the possible catalyst for this acceleration higher. Support is now found at 1.5955 and strong support at 1.5922, which we expect will protect the downside for the break above 1.6040 and an acceleration towards the target for red wave iii at 1.6481. Only a break below support at 1.5842 will confuse the overall bullish picture.
Trading recommendation:
We are long EUR from 1.5790 and will move our stop a little higher to 1.5835.
The material has been provided by InstaForex Company – www.instaforex.com
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