Today's Support and Resistance levels:
S1: 1.5486 R1: 1.5534
S2: 1.5445 R2: 1.5554
S3: 1.5390 R3: 1.5592
Technical overveiw:
We finally got the thrust out of the triangle and as expected it was towards the downside. We are looking for a continuation towards at least 1.5312 in wave iii of C, then wave iv of C towards 1.5535 and the final decline towards 1.5200 to finish the major expanded triangle that has been developing since September 2012. Once this expanded triangle is finished we should expect a very powerful rally.
Trading recommendation:
We are short EUR from 1.5655 and will move our stop lower to break-even. If you are not short EUR, then sell a break here and take profit at 1.5330 and re-sell near 1.5535.
