Current price: 1.1530
Key point: 1.1500
Our preferred strategy: Buy positions above 1.1500 with a first target of 1.1670 and then a second target of 1.1740.
Alternative scenario: Stop loss and trend reversal upon breaking the 1.1480 level, targeting the 1.1410 level.
Technical commentary
The pair managed to rise from the key support levels of 1.1410-1.1440, then broke through the key resistance level of 1.1510, and subsequently broke through the downtrend line from the January peak, which it is currently retesting. The pair is expected to continue its upward movement towards 1.1670 and then 1.1740.
