Today's support and resistance levels:
R3: 1.6058
R2: 1.6028
R1: 1.6000
Current spot: 1.5976
S1: 1.5961
S2: 1.5935
S3: 1.5903
Technical summary:
We are still locked in this very complex consolidation and is currently testing the support-zone between 1.5903 - 1.5958. We expect this support to protect the downside for a break above resistance at 1.6079 for a new run towards strong resistance at 1.6273. Only a break above here will open up the upside for a continuation towards 1.6446 and possibly even 1.6800. On the other hand, a break below 1.5903 will call for a continuation lower to 1.5700 in an expanded diagonal before moving higher again.
Trading recommendation:
We have place a EUR-buy order at 1.5925 or upon a break above 1.6079 with a stop at 1.5875.
The material has been provided by InstaForex Company - www.instaforex.com
