Today's support and resistance levels:
R3: 1.6514
R2: 1.6475
R1: 1.6446
Current spot: 1.6345
S1: 1.6308
S2: 1.6300
S3: 1.6266
Technical summary:
We have seen the expected acceleration higher to 1.6407 after the break above the base channel resistance line. After a minor pause towards 1.6308, we should see a continuation higher towards 1.6830 as the next upside target. Longer term we are looking for much higher levels towards 1.6996 and 1.7274 on the way towards 1.8133 and likely even higher.
Trading recommendation:
We are long in EUR from 1.5826 and will move our stop higher to 1.6100. If you are not long in EUR yet, then buy near 1.6308 with the same stop at 1.6100.
The material has been provided by InstaForex Company - www.instaforex.com
