Today's Support and Resistance levels:
S1: 1.5926 R1: 1.5964
S2: 1.5887 R2: 1.6000
S3: 1.5846 R3: 1.6054
Technical overview:
After the test of 1.5889 we should be ready for the next rally higher towards 1.6054 and beyond, towards the next target at 1.6267, and possibly even higher towards 1.6545. In the short term a break above 1.5964 will be the first clue that the correction in green wave ii is indeed over and green wave iii higher is developing. However, as long as minor resistance at 1.5964 protects the upside we must allow for a new test close to the 1.5889 bottom and maybe even slightly low towards 1.5865, but we will likely not see anything lower than that.
Trading recommendation:
We are long EUR from 1.5655 with a stop at 1.5755. If you are not long EUR already, buy a break above 1.5964 with the same stop.
