Today's Support and Resistance Levels:
S1: 1.6098 R1: 1.6155
S2: 1.6075 R2: 1.6191
S3: 1.6050 R3: 1.6264
Technical Overview:
The correction from the 1.6207 high could already be over with the sub-normal test of 1.6098. However, to confirm that the correction from 1.6207 is already over, we need a break above 1.6155. As long as minor resistance at 1.6155 is protecting the upside, we could still see one last decline towards 1.6075 before the next rally higher sets in. From 1.6075 or a direct break above 1.6155 we should see a new test of the 1.6207 high on the way towards 1.6387 as the next upside target. Long term we expect this ongoing wave iii of 3 to break above the resistance line of the base channel and accelerate its rally.
Trading Recommendation:
We will buy EUR again at 1.6085 or a break above 1.6160 (one order done cancels the other) with a 1.6000 stop.
