Overview:
It should be noted that the market showed the signs of instability. The trend movement was controversial as it took place in the narrow sideways channel. Due to the previous events, the price is still between the levels of 1.6111 and 1.6040, so it is recommended to be careful while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then the market will probably show the signs of a bullish trend. In other words, buy deals are recommended above 1.6060 level with their first target at the level of 1.6095. From this point, the pair is likely to begin an ascending movement to the point of 1.6140 and further to the level of 1.6185 (it will act as a strong resistance for this week). However, if the pair fails to pass through the level of 1.6185, the market will indicate a bearish opportunity below the strong resistance level of 1.6185. In this regard, sell deals are recommended lower than the 1.6185 level with the first target at 1.6135. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.6090 then 1.6055 (the weekly pivot point). It should be noted that the weekly resistance 2 is at the level of 1.6184. If you have sold below 1.6184, then you have to place a stop loss at 1.62.