Today's Support and Resistance levels:
R3: 1.5456
R2: 1.5424
R1: 1.5381
Current spot: 1.5353
S1: 1.5337
S2: 1.5306
S3: 1.5260
Technical overview:
The price-action has been very inconclusive since yesterday, we are still expecting support in the 1.5300 - 1.5310 area to protect the downside for the next rally higher. However, a break above 1.5424 and, more importantly, a break above 1.5456 is needed to confirm the next rally higher towards 1.5575 and 1.5611. It will take an unexpected break below 1.5251 to invalidate our bullish call.
Trading recommendation:
We are long EUR from 1.5325 with a stop at 1.5250. If you are not long EUR already, then buy a break above 1.5424 with the same stop.
