Today's Support and Resistance levels:
R3: 1.6740
R2: 1.6685
R1: 1.6618
Current Spot: 1.6591
S1: 1.6544
S2: 1.6498
S2: 1.6455
Technical summary:
We have reached our target area between 1.6608 and 1.6618 (as the high we have seen at 1.6615). We are now looking for a break below 1.6544 to indicate that wave i is done and wave ii is developing for a decline towards at least 1.6498 and more likely a deeper correction towards 1.6397, which a break below 1.6498 will confirm.
However, as long as minor support at 1.6544 protects the downside we could see a continuation higher, but we have seen a clear short-term loss of momentum, which indicates, that we are close to a top for wave i.
Trading recommendation:
Your should be short at 1.6595 with a stop at 1.6695 and take profit at 1.6420. If you are not short in EUR, you can sell near 1.6618 or upon a break below 1.6544 with the same stop at 1.6695.
