Preference: LONG positions above 1.6055 with targets @ 1.619 & 1.624.
Alternative scenario: The downside breakout of 1.6055 will open the way to 1.6025 & 1.5995.
Comment: the pair validated a Broadening Pattern calling for an upturn. The 1.612 former resistance area is now acting as a support (polarity principle).
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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