Today's Support and Resistance levels:
R3: 1.6818
R2: 1.6756
R1: 1.6707
Current spot: 1.6680
S1: 1.6637
S2: 1.6608
S3: 1.6582
Technical overview:
We are looking for a break above minor resistance at 1.6707 and, more importantly, resistance at 1.6756 soon to confirm that the next powerful rally is developing. This next rally will likely take us to 1.7216, as the first target (blue wave iii), but in the long term we are looking for much higher levels. In the short term we are looking for support at 1.6637 to protect the downside for the break above minor resistance at 1.6707.
Trading recommendation:
We are long EUR from 1.6335 with a stop at 1.6575. If you are not long EUR yet, then buy EUR upon a break above 1.6707 with the same stop at 1.6575.
