Today's support and resistance levels:
R3: 1.6151
R2: 1.6107
R1: 1.6062
Current spot: 160.03
S1: 1.5970
S2: 1.5940
S3: 1.5912
Technical summary:
We have finally seen the expected acceleration higher. The base-channel resistance-line is now broken and should provide even more upside acceleration towards the 1.6203 on the way higher towards 1.6407. In the longer term, we are looking for much higher levels. In the short term, we expect support at 1.5970 to protect the downside for the next rally higher towards 1.6203, but even if support at 1.5970 is broken, it should only cause a slightly lower decline to 1.5940 before the next rally higher sets in.
Trading recommendation:
We are long in EUR from 1.5826 and we will move our stop to break-even. If you are not long in EUR yet, then buy near 1.5970 with the same stop at 1.5826.
The material has been provided by InstaForex Company - www.instaforex.com
