Preference: LONG positions above 1.605 with targets @ 1.612 & 1.6165.
Alternative scenario: The downside breakout of 1.605 will open the way to 1.601 & 1.598.
Comment: the pair stands above its new support and remains on the upside as the RSI is well directed.
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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