Today's Support and Resistance Levels:
S1: 1.5788 R1: 1.5820
S2: 1.5723 R2: 1.5849
S3: 1.5685 R3: 1.5879
Technical Overview:
With a top at 1.5933 our call for a rally towards 1.5930 was almost perfect. We are now looking for minor resistance at 1.5879 to protect the upside for the next powerful decline. It should be remembered, that expanded flat corrections is a forewarning of the next move being very powerful and extended and this is exactly what we are expecting here. The only possible way for wave c of red wave d to get close to 1.5200 it will be if it extends. As minor resistance at 1.5879 protects the upside, we are looking for a break below 1.5788 and more importantly a break below 1.5708, which confirms the decline to 1.5592 on the way down to 1.5363 and 1.5234.
Trading Recommendation:
We sold EUR at 1.5915 and have placed our stop at 1.6030. If you are not short EUR already, then sell at 1.5870 or upon a break below 1.5788 with the same stop.
