Technical summary:
The resistance line from 1.6446 has blocked the rally higher, but it should just be a matter of time, before this resistance line is broken for a further move higher towards 1.6273. In the short term, we will be looking for support near 1.6028 for the next attempt to break above the resistance line near 1.6120. Once this resistance line is cleared, the next target at 1.6273 should be reached pretty quickly. In the longer term, we will be looking for a rally towards 1.7124.
Trading recommendation:
