Today's Support and Resistance Levels:
S1: 1.5470 R1: 1.5545
S2: 1.5430 R2: 1.5600
S3: 1.5390 R3: 1.5650
Technical Overview:
We are still looking for wave ii to end soon as the room towards the downside is becoming very limited. A reversal above minor resistance at 1.5543 will be the first minor clue that a bottom is in place. However, we would like to see a break above 1.5602 before we feel more confident that wave ii is indeed over and wave iii of 3 is developing towards 1.5927 and higher. The good thing is that we know exactly where our invalidation point is. A break below 1.5390 will invalidate our count and call for a much deeper decline towards the bottom at 149.67 and maybe even lower.
Trading Recommendation:
We are long EUR from 1.5510 with a 1.5385 stop. If you are not long EUR already you could buy EUR here with a close stop at 1.5385 or you could play it more safe and buy a break above 1.5543 with the same stop.
