Today's Support and Resistance levels:
S1: 1.5324 R1: 1.5371
S2: 1.5310 R2: 1.5419
S3: 1.5280 R3: 1.5462
Technical overview:
Our ideal corrective target at 1.5333 has been tested and surpassed by a fraction, but we think this correction is close to termination and the next powerful rally is about to take off. A break above minor resistance at 1.5371 will be the first indication that a bottom is in place, while a break above resistance at 1.5462 is needed to confirm that wave ii is over and wave iii higher is unfolding. That said, we must accept, as long as resistance 1.5371 protects the upside, that this wave ii correction could become slightly deeper towards 1.5310.
Trading recommendation:
We are long EUR from 1.5315 with a stop at 1.5170. If you are not long EUR already we recommend buying EUR upon a break above 1.5371 with the same stop.
