Today's support and resistance levels:
R3: 1.6269
R2: 1.6248
R3: 1.6219
Current spot: 1.6195
S1: 1.6169
S2: 1.6150
S3: 1.6128
Technical summary:
Support near 1.5978 was never within striking distance and the rally of the 1.6031 low does look impulsive in nature. We would like to see resistance at 1.6269 broken as confirmation, that a new impulsive rally is building for a rally to 1.6446 on the way higher towards 1.6836. Short-term, we will be looking for a minor correction towards 1.6130 before the next rally higher to 1.6269 and likely above.
Trading recommendation:
We missed our buy-target at 1.5985. We will buy EUR at 1.6135 or upon a break above 1.6269 with a stop at 1.6025.
The material has been provided by InstaForex Company - www.instaforex.com
