Today's Support and Resistance Levels:
S1: 1.5688 R1: 1.5751
S2: 1.5602 R2: 1.5836
S3: 1.5535 R3: 1.5908
Technical Overview:
As we still have not seen a break above 1.5908 and more importantly 1.5988, we can still expect a deeper correction towards strong support at 1.5671. However, we obeserve a clear loss of downside momentum, so a break above minor resistance at 1.5710 will be the first indication of a new rally towards 1.5908, and a break above 1.5908 will be the first indication that a bottom is in place and the next major rally is under way. However, as long as minor resistance at 1.5710 protects the upside, we must allow for one last move down to 1.5671 first.
Trading Recommendation:
We are long EUR from 1.5755 with a 1.5650 stop loss. If you are not long already, then buy at break above 1.5710 with the same stop.
