Today's Support and Resistance levels:
R3: 1.7326
R2: 1.7263
R1: 1.7200
Current Spot: 171.23
S1: 1.7100
S2: 1.7028
S3: 1.6987
Technical summary:
We have seen the expected rally higher and have both broken the former high at 171.13 and broken above the base channel resistance line. We should see wave iii accelerating towards the upside for a test of our first target at 1.7326. However, we could easily see this rally extending further and if this is the case, we should be looking for 1.7886, as the next major target. Support is now found at 1.7028 and again at 1.6987, but we should expect corrections to be sub-normal in wave iii.
Trading recommendation:
We are long EUR from 1.6411 and will lift our stop higher to 1.6895. If you are not long EUR yet then buy close to support at 1.7028 with the same stop at 1.6895.
