Today's Support and Resistance levels:
S1: 1.5376 R1: 1.5405
S2: 1.5342 R2: 1.5428
S3: 1.5307 R3: 1.5468
Technical overview:
With the break above 1.5376 we had confirmation that a bottom is firmly in place with the test of 1.5180, but more importantly, now we know that a new major rally is developing to above 1.6359 and likely much higher over the coming years. In the short term we are looking for support at 1.5307 to protect the downside for the next powerful rally higher towards at least 1.5535 and likely even higher towards 1.5917.
Trading recommendation:
We are long EUR from 1.5315 and will move our stop higher to 1.5175. If you are not long EUR already, then buy close to 1.5307 with the same stop.
