Open trading account 
Some how I am unable to insert image in to the blog. On a weekly chart, 1.6300 area remained a huge resistance zone with price making multiple visits to this area in the past . The last weekly bar breaks this area upside and closes well above this key resistance zone.Hence the flip in resistance now becomes a key area of support. As we can observe in the chart below, the price is nearing the retest area with low momentum.
On a daily chart 1.6300 zone remains a huge confluence area because of huge S/R zone + weekly pivot point + retest area + 38.2% fib retracement of last weekly bar. Hence I project this area as a huge support area. Since we have some major news ready for the release tomorrow from UK , we can expect substantial moves tomorrow. I do not have the option of loading monthly chart here. However last monthly bar was a bullish engulf bar which indicates the more odds in favor of the buyers. My first target will be 1.6500 which also happens to be a BRN.
On a daily chart 1.6300 zone remains a huge confluence area because of huge S/R zone + weekly pivot point + retest area + 38.2% fib retracement of last weekly bar. Hence I project this area as a huge support area. Since we have some major news ready for the release tomorrow from UK , we can expect substantial moves tomorrow. I do not have the option of loading monthly chart here. However last monthly bar was a bullish engulf bar which indicates the more odds in favor of the buyers. My first target will be 1.6500 which also happens to be a BRN.
