Technical Summary:
We are still looking for a break above the resistance at 1.5881 as a confirmation that a bottom is in the place at 1.5724 for a rally towards at least 1.6163. As long as the resistance at 1.5881 protects the upside, there is still a risk of decline below the support at 1.5643 and if it happens, a new decline to 1.5398 and, most likely, below it should be expected. For now, we just have to watch, which way it will break, but we do favor the upside.
Trading Recommendation:
We will buy EUR upon a break above 1.5881 with stop placed at 1.5720.
The material has been provided by InstaForex Company - www.instaforex.com
