Today's Support and Resistance levels:
R3: 1.6634
R2: 1.6602
R1: 1.6570
Current Spot: 1.6548
S1: 1.6526
S2: 1.6495
S3: 1.6476
Technical overview:
It has been a disappointment to see yet another failure to break clearly above 1.6672. That said, we are still looking for a powerful rally to take over soon in wave iii of 3. In the short term ideally we would see support at 1.6526 protect the downside for a break above resistance at 1.6634 and, more importantly, a break above resistance at 1.6686, that confirms wave iii is developing. However, if support at 1.6526 breaks then we have support just below at 1.6495 and important support at 1.6476, which should not be broken at any time as that would force us to change our short-term count.
Trading recommendation:
We are long EUR from 1.6625 with a stop at 1.6420. If you are not long of EUR already, then buy a break above 1.6634 with the same stop at 1.6420.
