We continue to look for evidence, that the decline from 1.7929 has found a temporary bottom for a corrective rally towards at least 1.6707 and maybe even higher. To confirm that a low has been seen, we need to see a clear break above 1.6396 that will call for a rally to 1.6624 as the first hurdle on the way higher to 1.6707.
As long as resistance at 1.6396 is able to cap the upside, we need to allow for a final spike to just below 1.6330, but the clear loss of downside momentum, indicates a low should be seen shortly.
R3: 1.6624
R2: 1.6471
R1: 1.6396
Pivot: 1.6375
S1: 1.6330
S2: 1.6298
S3: 1.6237
Trading recommendation:
We will buy EUR upon a break above resistance at 1.6396
