Today's support and resistance levels:
R3: 1.5939
R2: 1.5900
R1: 1.5858
Current spot: 1.5826
S1: 1.5792
S2: 1.5972
S3: 1.5749
Technical summary:
The expected correction became slightly deeper and a little more complex, than first expected. However, it does not change the overall bullsih picture for a rally higher towards 1.62,03 and even higher to 1.6407. In the short term, we expect minor support at 1.5900 will be able to protect the downside for a break above 1.5939 for the next part of the rally higher to 1.6203 and higher towards 1.6407.
Trading recommendation:
Our stop at 1.5750 was hit for a nice profit. We will re-buy EUR here at 1.5826 with stop place at 1.5735.
The material has been provided by InstaForex Company - www.instaforex.com
