After this bullish move though, 1.6136 seems to be a major resistance level for today’s trading session, and the sellers could very likely force the price once to the downside.
In the scenario where the bearish pressures will be greater than the bullish ones, the price could drop as low as 1.5944 and 1.5773 respectively.
In contrast, a break above 1.6192 could be a strong indication that the uptrend formation will resume, with the bulls locking their profits at 1.6615.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.