Today's Support and Resistance Levels:
S1: 1.5693 R1: 1.5735
S2: 1.5674 R2: 1.5751
S3: 1.5653 R3: 1.5785
Technical Overview:
There is still no break above important resistance at 1.5836, which leaves us with two possible scenarios for the rally of the 1.5390. It could be, as we prefer, a series of waves one and two. However, it could also be a leading diagonal. If it is a series of waves one and two then we should be close to finishing green wave ii. However, if it is a leading diagonal we will likely see a deeper correction towards 1.5603 and maybe even 1.5553 before we can expect the next rally higher towards 1.6057 and 1.6224. That said a break above 1.5836 will be the first good indication that wave three is building and that we are well under way towards 1.6057.
Trading Recommendation:
You should be long EUR from 1.5800 with stop at 1.5650. If you are not long EUR already buy a break above 1.5785 with the same stop.
