Parallel support zone finds between 6.4317 and 6.4429 (March-Sep 2016). The daily RSI making a higher low pattern. While holding March-Sep 2016 low’s we could expect a near-term bounce to 6.4900 and 6.5000. A break above 6.5080-6.5100 resistance zone is necessary to upgrade the forecast to 6.5180 and 6.5300.
- The 161.8fe (6.6900-6.5570-6.6650) finds at 6.4470
- The ABC pattern (6.6652-6.5678-6.6321) support finds at 6.4720.
View: Support zone likely to hold
Also read: Global economic calendar
It is important to always keep in mind the risks involved in trading with leveraged instruments.
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