Today's Support and Resistance levels:
R3: 1.6561
R2: 1.6492
R1: 1.6462
Current Spot:1.6442
S1: 1.6413
S2: 1.6387
S3: 1.6346
Technical summary:
We finally cleared the resistance at 1.6418. We see the wave ii end at 1.6219 and wave iii developing higher towards 1.6565 and more likely towards the S/H/S target at 1.6815. In the longer term we are looking for a new test of the former high at 1.7274 and even higher.
In the short term we expect the former resistance at 1.6418, which has now turned into support to protect the downside for a break above 1.6462 that confirms that the next part of wave iii is developing. Only a break below 1.6386 will be frustrating to our bullish count.
Trading recommendation:
Stay long in EUR from 1.6315 and lift your stop higher to 1.6380. If you are not long EUR yet, then buy EUR near 1.6418 or upon a break above 1.6462 with the same stop at 1.6380.
