Today's Support and Resistance Levels:
S1: 1.5825 R1: 1.5883
S2: 1.5800 R2: 1.5907
S3: 1.5756 R3: 1.5934
Technical Overview:
The break past 1.5739 has forced us to change the short-term count to a running triangle. However, the final outcome will still be the same as we still expect one more decline to at least 1.5390 and more likely even closer to support at 1.5200. That said a break above green wave c of the triangle at 1.5934 will invalidate the downside scenario and call for a new rally higher towards 1.6024 and even higher towards 1.6359. We expect green wave e of the triangle to stall shortly close to 1.5883, but should allow for a move closer to 1.5934 before a break below 1.5800, which confirms the next decline towards 1.5597 and 1.5390.
Trading Recommendation:
Our stop at 1.5790 was taken out for a nice little profit. We will sell here at 1.5858 with a stop at 1.5940.
