According to previous events, the price is still located between levels 1.5800 and 1.6155.
The descending movement will probably take place lower than the 1.6240 level with the first targets at levels 1.60, 1.5955 and 1.5905.
BUY-deals are recommended higher than the 1.6030 level with targets at levels 1.6125 and 1.6233.
Overview:
It should be noted that the market revealed the signs of instability. The trend movement was controversial as it took place in a narrow sideways channel. Concerning previous events, the price is still between the levels 1.58 and 1.6155, so it is recommended to be cautious while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then, the market will probably indicate the signs of a bullish trend. In other words, BUY-deals are recommended higher than the 1.58 level with its first target at the level of 1.5875. From this point the pair is likely to begin the ascending movement to the point 1.59 and further to the level 1.623. However, if the pair fails to pass through the level of 1.6240, the market will indicate a bearish opportunity below the strong resistance level 1.6240. In this regard, SELL-deals are recommended lower than the 1.6240 level with the first target at 1.6145. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.59.
Mourad El Keddani is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him.
