Today's Support and Resistance Levels:
S1: 1.5807 R1: 1.5875
S2: 1.5773 R2: 1.5915
S3: 1.5740 R3: 1.5969
Technical Overview:
As expected the trend has picked up speedily after the break above 1.5600 and we are already back testing the top at 1.5923. The first try to break 1.5923 was unsuccessful and has caused a minor correction, which could already be over at this point. If it is, the next attempt to break above resistance at 1.5923 will likely prove to be much more successful. A break above 1.5923 will confirm that a move much higher is building and will open for a run towards 1.6311 as the next major target. That said, as long as minor resistance at 1.5875 protects the upside, we must accept the possibility of a deeper correction towards 1.5772 before the next push higher.
Trading Recommendation:
We are long EUR from 1.5510 and will move out stop higher to 1.5735. If you are not long EUR already, then buy a break above 1.5875 with the same stop.
