The Resistance level of 1.6612 was broken through with great force yesterday, which is a bullish indicator that we may see movement to the next level at 1.7000. The 1.7000 level was last challenged on August 5th 2009. The most recent support level is 1.6600 with the next level after that being 1.6505.
The pair is gaining strength on the Dollar weakness that has been increasing throughout the week. The pair could bounce off of the most recent support level of 1.6612 but if it breaks through to the downside. There is a lower trend wall that is showing an upward move and the current price may bounce off the wall and move upwards. Watch for the pair to rise to the 1.7000 level be ready for a bounce off of that level as that is a strong resistance level.
This pair is good for trading as it has large price moves during the trading sessions but you must be put on at least a 50 pip stop because there is more price action.
