Today's support and resistance levels:
R3: 1.5943
R2: 1.5893
R1: 1.5878
Current spot: 1.5849
S1: 1.5824
S2: 1.5796
S3: 1.5773
Technical summary:
We are testing of 1.5773 the correction towards 1.5766 we where looking for is over. We will now be looking for a rally above minor resistance at 1.5893 confirming the next impulsive rally higher towards 1.6203 and more likely even to 1.6450. Ideally, we will see minor support at 1.5843 will protect the downside, but only a break below 1.5773 will delay the expected upside pressure, for a slightly more complex correction.
Trade recommendation:
We are long in EUR from 1.5550 with stop at 1.5750. If you are not long in EUR yet, the buy EUR near 1.5773 or upon a break above 1.5893 with the same stop at 1.5750
The material has been provided by InstaForex Company - www.instaforex.com
