Pivot: 1.5600
Our preference: LONG position above 1.56 with a target at 1.63.
Alternative scenario: Only a push below 1.56 would turn the outlook to bearish with a first alternative target at 1.54.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited by the 1.56 support area and the ascending 50-day moving average.
Trend: ST Ltd Upside; MT Range, we have been bullish since 11 SEP 2013 (1.5768).
Key levels Comment
1.7040 *** Horizontal resistance
1.6620 ** Horizontal resistance
1.6300 *** Horizontal resistance
1.6169 Last
1.5600 *** MT pivot point
1.5400 *** Horizontal support
1.5100 *** Horizontal support
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