Overview :
- According to the previous events, the price was still moved between the levels 0.8690 and 0.8523. Therefore, the first step is to wait for a period of tight sideways market before breakouts. Then, probably, the market is going to start showing bearish signs because the resistance has been at the level of 0.8670 since yesterday. In other words, it will be a good sign to sell below 0.8670 (it should be noted that the level of 0.9203 is acting as strong resistance and a double top) with the first target at 0.8562, and the price will fall towards 0.8509 in order to form the lowest price for forming a new double bottom this week. However, if the pair fails to break 0.8510, the market will indicate a bullish opportunity above 0.8510. Then the level will really act as strong support. It will be a good sign to buy above 0.8510 with the first target at 0.8558 and it will call for an uptrend in order to continue bullish movement towards 0.8601.
The material has been provided by InstaForex Company - www.instaforex.com
