Today's Support and Resistance levels:
S1: 1.5705 R1: 1.5760
S2: 1.5654 R2: 1.5810
S3: 1.5593 R3: 1.5844
Technical overview:
We are still looking for a powerful decline in this cross. In the short term we would first like to see a daily close below 1.5685 followed by a break below 1.5593, which should add considerably downside pressure for a decline towards 1.5505 and likely even close to 1.5200. In the short term we should not see a break back above 1.5760 and, more importantly, not above 1.5822 as that would question further downside pressure.
Trading recommendation:
We are short EUR from 1.5915 and will lower our stop to 1.5825. If you are not short EUR already, sell a break below 1.5705 with the same stop.
