Today's Support and Resistance levels:
R3: 1.6464
R2: 1.6425
R1: 1.6398
Current Spot: 1.6362
S1: 1.6332
S2: 1.6293
S3: 1.6267
Technical summary:
The short-term consolidation is becoming pretty messy and hard to read, but as long as support at 1.6267 protects the downside, we will be looking for a break above 1.6405 and 1.6425 to confirm the next rally higher towards 1.6515 and 1.6987 in the next impulsive rally. However, as long as important resistance at 1.6405 holds firm, we have to be aware of the downside risk, which a break below 1.6267 will highlight for a new test of 1.6071 and lower towards 1.5872.
Trading recommendation:
Buy after a break above 1.6405 (buy at 1.6410) and place stop at 1.6280, or sell upon a break below 1.6267 (sell at 1.6255) and place stop at 1.6410
