Today's Support and Resistance levels:
R3: 1.6565
R2: 1.6515
R1: 1.6464
Current Spot: 1.6423
S1: 1.6380
S2: 1.6362
S3: 1.6323
Technical summary:
In the short-term we expect that minor support at 1.6380 will protect the downside from a break above 1.6464 and more importantly a break above 1.6515, which will confirm the next powerful rally higher towards 1.7000. However, until the break above 1.6464 is seen, we could see more sideways trading activity between 1.6406 and 1.6441, but once we clear 1.6441, it will be the first indication, that we are ready to challenge the upside again.
In the short term, only a break below 1.6380 will delay the upside pressure for a move closer to 1.6338 before a new rally can be expected.
Trading recommendation:
Stay long in EUR from 1.6366 and move your stop higher to 1.6375. If you are not long in EUR yet, then buy after a break above 1.6464 with the same stop at 1.6375.
