Today's Support and Resistance levels:
R3: 1.6472
R2: 1.6455
R1: 1.6432
Current Spot: 1.6404
S1: 1.6392
S2: 1.6329
S3: 1.6277
Technical summary:
Since the last update the price-action has been pretty much as expected. We are still looking for a decline closer to support at 1.6225 and maybe just below, but once this C-wave is over we are looking for a new impulsive rally higher.
Short term we expect minor resistance at 1.6472 will protect the upside for a break below 1.6392 for a continuation towards support at 1.6329 and at 1.6277 before the ideal target near 1.6225. Only a break above strong resistance at 1.6572 will indicate that a bottom is already in place and call for the next impulsive rally higher towards 1.7153 and above.
Trading recommendation:
Stay short from 1.6760 and lower stop to 1.6575 and place a take profit at 1.6250. If you are not short already then sell upon a break below 1.6392 with a stop at 1.6475 and use the same take profit level at 1.6250.
