Preference: SHORT positions below 1.6 with 1.591 & 1.588 as next targets.
Alternative scenario: The upside penetration of 1.6 will call for 1.6045 & 1.609.
Comment: the 1.6 former support area is now acting as a strong resistance but intraday tehcnical indicators are gaining upside momentum, this calls for caution.
The red lines are the supports, the green lines are the resistances and the blue line is the pivot point (the key level where we would turn bullish from bearish, or bearish from bullish). There is no one-way for calculating our supports and resistances. We favour the use of Fibonacci levels (either via a retracement or a projection), along with classical technical levels (gaps, horizontal lines, etc.). The choice will depend on the current market configuration.
No comments:
Post a Comment