Preference: LONG positions above 1.594 with 1.601 & 1.6045 in sight.
Alternative scenario: The downside penetration of 1.594 will call for 1.59 & 1.588.
Comment: the pair is trading in the middle of a Broadening Pattern. The 1.594 intermediary support maintains a slight bullish bias
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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