Today's Support and Resistance levels:
R3: 1.5885
R2: 1.5840
R1: 1.5812
Current Spot: 1.5761
S1: 1.5744
S2: 1.5710
S3: 1.5681
Technical overview:
We are still expecting strong support at 1.5744 to protect the downside for a break above resistance at 1.5812 and, more importantly, resistance at 1.5840, which will confirm the next rally higher towards 1.5924 on the way towards the ideal target for red wave iii at 1.6481. That said a break below 1.5744 would likely be very short-lived and will delay the next rally higher, but it should only be a matter of time before the next rally takes off and we will see a break above 1.5840.
Trading recommendation:
We are long EUR from 1.5790 with a stop at 1.5600. If you are not long EUR already, then buy a break above 1.5840 with the same stop.
