Today's Support and Resistance levels:
R3: 1.6886
R2: 1.6806
R1: 1.6756
Current Spot: 1.6708
S1: 1.6667
S2: 1.6634
S3: 1.6610
Technical overview:
We have been trading sideways since yesterday, but as long as resistance at 1.6756 protects the upside we could see one last decline closer to 1.6634 before the next powerful rally towards 1.7047 will be seen. However, our first target at 1.7047 should only be a minor bump on the way higher as we expect this rally to be very powerful. To invalidate our call for much higher levels, it would take a break below 1.6583 as a break below here will call a decline to at least 1.6440.
Trading recommendation:
We are long EUR from 1.6335 with a stop at 1.6575. If you are not long EUR yet, then buy close to 1.6634 or upon a break above 1.6756 (one order done cancels the other) with the same stop.
