Today' s support and resistance levels:
R3: 1.6667
R2: 1.6626
R1: 1.6562
Current spot: 1.6525
S1: 1.6464
S2: 1.6392
S3: 1.6327
Technical overview:
We got a daily close above resistance at 1.6358 . We are also see even more acceleration towards the upside. With the close above resistance at 1.6358, we now have a new upside target at 1.7751, but we could easily move the way beyond this target in the longer term. As we have seen the acceleration higher getting even stronger, we are a little in doubt if green wave v is extending or we already are in blue wave v. It does not matter much for we shall see even more upside progress in this wave iii towards 1.6739 and possibly even higher towards 1.7045, before wave iii is done. In the short term, we would like to see support at 1.6464 protecting the downside, but, more importantly, support at 1.6392 protecting the downside. A break below 1.6392 will indicate that we have seen an extension in green wave v and blue wave iv is developing before blue wave v takes over.
Trading recommendation:
We long EUR from 1.5790 and will move our stop higher to 1.6220. If you do not have long positions on EUR already, buy near 1.6392 or upon a break above 1.6562 with the same stop.
