Today's support and resistance levels:
R3: 1.6727
R2: 1.6676
R1: 1.6644
Current Spot: 1.6612
S1: 1.6601
S2: 1.6559
S3: 1.6498
Technical summary:
After a very complex b-wave to 1.6726, we have begun a impulsive decline in wave c. This c wave of wave ii should at least decline to 1.6469 and could make it lower towards 1.6390 and maybe even 1.6312, but only time will show. For now, we are looking for a break below 1.6585 and more importantly a break below 1.6559 to confirm that the decline towards at least 1.6469 is developing. Until we have seen the break below 1.6585, we could see a minor rally back towards 1.6651, but we would not bet on that outcome. For now, we are focused towards the downside as wave ii develops and are looking for acceleration lower, when support at 1.6585 breaks.
Trading recommendation:
Stay short from 1.6610 with your stop at 1.6735. If you are not short in EUR already sell near 1.6651 or upon a break below 1.6585 with the same stop at 1.6735.
