Today's Support and Resistance levels:
R3: 1.6800
R2: 1.6736
R1: 1.6684
Current Spot: 1.6662
S1: 1.6617
S2: 1.6559
S3: 1.6498
Technical summary:
Important short-term support at 1.6559 held firmly yesterday and protected the downside for a new rally towards the top at 1.6684. We are still looking for a break below 1.6559 to confirm a deeper wave ii correction towards 1.6498 and likely lower towards 1.6444, but we have to accept, that as long as support at 1.6559 protects the downside the uptrend is intact and a possibility of a break above resistance at 1.6684 is a possibility, which will open for a continuation higher towards 1.6736. That said, we do prefer, that resistance at 1.6684 holds firm for the break below 1.6559.
Trading recommendation:
Stay short from 1.6595 with your stop placed at 1.6695. If you are not short yet, wait to sell EUR upon a break below 1.6559 with the same stop at 1.6695.
