Today's Support and Resistance Levels:
S1: 1.5557 R1: 1.5617
S2: 1.5533 R2: 1.5650
S3: 1.5497 R3: 1.5709
Technical Overview:
Resistance at 1.5600 has put up quite a fight, but it should only be a matter of time before it is cleared and the next powerful rally higher towards 1.5650 and 1.5709 is seen with the next major target being 1.5927. However, as long as resistance at 1.5600 has not been cleared we could see more consolidation just below, but we would be surprised to see any price-action below 1.5534 now. So stay tuned for a break above 1.5600, which indicates that the test of 1.5445 marked an important bottom. However, it will still take a break below 1.5390 to invalidate our bullish count.
Trading Recommendation:
We are long EUR from 1.5510 with a stop at breakeven. If you are not long EUR already, buy a break above 1.5600 with the same stop.
