Today's Support and Resistance levels:
R3: 1.6481
R2: 1.6419
R1: 1.6365
Current Spot: 1.6320
S1: 1.6261
S2: 1.6205
S3: 1.6140
Technical overview:
Once resistance at 1.6040 was overcome we saw the expected acceleration higher and there should be much more to come. We are currently close to the top of green wave iii, which is expected to come in at 1.6418, but after a small correction down to 1.6205 we should see the next swing higher to 1.6481 and beyond. However, you should remember, that we are in wave iii of 3 and correction tend to be small and even sub-normal so do not expect to much in form of the corrections.
Trading recommendation:
Our proposed stop at 1.5855 has protected our long EUR position from 1.5790 nicely and we will move our stop higher to 1.6050. If you are not long EUR already then buy close to 1.6205 with the same stop.
