We have seen a Doji candlestick
form on the Weekly close showing us the clear indecision in the market and we have also seen strong rejection from the Weekly Support Level
at 1.5780 so again we have some great options with good size targets. Long positions above 1.5900 are clear cut with 1.5980 and then possibly 1.6060 in extension becoming our targets. When it comes to Short entries rejection and a close under 1.5900 would be the ideal scenario giving a tight Stop Loss and should be enough for us to test and break below 1.5780 which will then see 1.5700 found with potential to test the Monthly Level 1.5550. It is also worth noting that we could need to see a new Lower High formed and 1.5980 would be an ideal area for this to form.