Today's Support and Resistance levels:
R3: 1.7116
R2: 1.7025
R1: 1.6925
Current Spot: 1.6883
S1: 1.6852
S2: 1.6826
S1: 1.6810
Technical summary:
After almost no visible corrections during wave i, then this wave ii of cause have to be the most complex it can be. We believe that this ongoing expanded flat correction from 1.7197 has bottomed or is very close to do so. Looking at the 15 minute chart below we can see, that wave iii and v is equal in length and that wave v almost perfectly has touched the bottom of the Elliott wave channel, so all we need now is a break above 1.6925 to get the first good indication. However, we need a break above 1.7079 and more importantly a break above 1.7116 to confirm the bottom and that wave iii higher is developing. As wave ii has been an expanded flat correction we should expect extension in wave iii and that would call for a rally towards at least 1.8228.
Trading recommendation:
Stay long in EUR with a stop at 1.6800. If you are not long EUR yet, then buy a break above 1.6925 with the same stop.
