Pivot: 1.5050
Our preference: LONG position above 1.5050 with targets at 1.56 or even 1.57.
Alternative scenario: A break below 1.5050 would call for further weakness to 1.48.
Comment: the pair is rebounding and is approaching its next strong resistance (50% Fibonacci retracement).
Trend: ST Ltd Upside; MT Range, we have been bullish since 26 APR 2013 (1.549).
Key levels Comment
1.5915 *** Horizontal resistance
1.5700 ** Horizontal resistance
1.5600 *** Fib retracement (50%)
1.549 Last
1.5050 *** MT pivot point
1.4800 *** Horizontal support
1.4435 ** Horizontal support
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