Analysis based on round-number levels, price channels and modified Elliot Waves
The resistance level of 1.6550 held back buyers. The inclined channel of the ascending pattern is breached. A descending M30 level pattern is likely to emerge within the descending wave (C) of the H8 level. Stochastic Oscillator shows an exit from the overbought zone.
Trading recommendations:
Buy above 1.6429.
Stop Loss at the resistance level 1.6550.
Target levels – 1.6340; 1.6200.