Today's Support and Resistance levels:
R3: 1.6515
R2: 1.6464
R1: 1.6405
Current Spot: 1.6355
S1: 1.6335
S2: 1.6315
S3: 1.6239
Technical summary:
The break below support at 1.6388 and 1.6338 has frustrated the short-term count. However, as long as important support at 1.6239 continues to protect the downside, we will be looking for a break above 1.6405 and more importantly a break above 1.6464, which confirms that a new impulsive rally higher towards at least 1.6712 and more likely even higher towards 1.6987 is developing.
However, a break below minor support at 1.6315 will delay any upside pressure for a move closer to the important support at 16239, before the next upside pressure can be expected.
Trading recommendation:
The stop at 1.6377 was hit for a small profit. Buy only after a break above 1.6405 with a stop at 1.6255.
