Preference: SHORT positions below 1.6205 with 1.6135 & 1.611 as next targets.
Alternative scenario: The upside penetration of 1.6205 will call for 1.626 & 1.629.
Comment: the pair is rebounding and is challenging its resistance.
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.
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