The decline from 1.7929 has more downside to cover and broke below support at 1.6384 for a dip to 1.6335. A clear loss of downside momentum (positive divergence for RSI), should limit the potential downside. A break above minor resistance at 1.6396, will be the first good indication that a low is in place and a corrective rally towards 1.6791 has begun. While a break above resistance at 1.6471 confirms the low and the corrective rally higher.
R3: 1.6542
R2: 1.6471
R1: 1.6396
Pivot: 1.6375
S1: 1.6334
S2: 1.6298
S3: 1.6237
Trading recommendation:
Our stop at 1.6380 was hit. We will re-buy EUR upon a break above 1.6396.
The material has been provided by InstaForex Company - www.instaforex.com