Current price: 1.1640
Key point: 1.1625
Our preferred strategy: Sell positions below 1.1625 with a first target of 1.1660 and then a second target of 1.1720.
Alternative scenario: Stop loss and trend reversal upon breaking the 1.1600 level, targeting the 1.1570 level.
Technical commentary
The pair reached the pivotal support levels of 1.1575-1.1600, which coincide with the upward trend line from the March low, and rose from there after breaking through the resistance level of 1.1625.
The price is expected to reach the next resistance levels at 1.1660 and then 1.1685.
