Technical summary:
We have seen an expected rally higher to 1.6446 (a high of 1.6512). Ideally, we will see a break above the base channel resistance line near 1.6512 for even more acceleration higher to 1.6787 and higher to 1.7154 as the next major upside target.
Minor support is found at 1.6313 and strong support is found at 1.6160, which is expected to protect the downside for a break above the resistance at 1.6512 for more upside acceleration.
Trading recommendation:
We are long EUR from 1.5810 and will move our stop higher to 1.6140. If you are not long EUR yet, then buy EUR near 1.6320 or upon a break above 1.6512 and use the same stop at 1.6140.
The material has been provided by InstaForex Company - www.instaforex.com