Today's Support and Resistance Levels:
S1: 1.5866 R1: 1.5896
S2: 1.5820 R2: 1.5934
S3: 1.5775 R3: 1.5980
Technical Overview:
We have seen a new high, but it is not enough to say that the correction from 1.5915 is over as it is too early to tell. The correction from 1.5915 could be an expanding flat correction, which could take us down to 1.5775 before the next rally higher. If it turns out to be an expanded flat correction, we can be almost certain that the next wave higher will be an extended wave. That said if minor support at 1.5856 protects the downside for a new rally above 1.5917, then we should turn our focus towards the upside again for the next rally higher towards 1.6004 as the next target.
Trading Recommendation:
We are long EUR from 1.5510 with a stop at 1.5735. If you are not long EUR already the buy at 1.5785 or upon a break above 1.5920 (one order cancels the other) with the same stop.
