Today's Support and Resistance levels:
R3: 1.6368
R2: 1.6316
R1: 1.6265
Current spot: 1.6231
S1: 1.6185
S2: 1.6123
S3: 1.6090
Technical overview:
Green wave iii ended a little earlier than we expected and green wave iv became a little deeper than expected, but that does not change the overall picture, that more upside is coming. As the target for green wave v and only blue wave iii we are looking for 1.6452 and possibly even 1.6530 before blue wave iv takes over for a minor correction. As blue wave ii was a deep and quick, we should expect blue wave iv to be shallow and it will take more time, but our main focus should be towards the upside, as we are in the middle of wave 3 and, even though, it is difficult to foretell what will hapen with corrections, they tend to be minor or even sub-normal.
Trading recommendation:
We are long EUR from 1.5790 and will keep our stop at 1.6090 for now. If you are not long EUR already, then buy near 1.6186 or upon a break above 1.6244 with the same stop.
