Our preference: SHORT positions below 1.6 with targets @ 1.588 & 1.583.
Alternative scenario: The upside penetration of 1.6 will call for a rebound towards 1.6045 & 1.609.
Comment: the pair stands below its resistance and remains on the downside.
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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