Today's Support and Resistance levels:
R3: 1.6294
R2: 1.6223
R1: 1.6190
Current spot: 1.6137
S1: 1.6036
S2: 1.5917
S3: 1.5821
Technical summary:
We are currently in wave c of a major correction which began from 1.7274, the ideal target for this correction is at 1.5525, where wave c will be equal in length to wave a. Looking at the structure of wave c from 1.6726 it looks as we already has four sub-waves in place and that would mean, that red wave v will be an extended wave. A break below 1.6036 will indicate that red wave v is developing for a decline towards at least 1.5724 and likely even lower towards 1.5525. However as long as support at 1.6036 protects the downside we could see a move closer to 1.6190 before lower.
Trading recommendation:
Stay short EUR from 1.6180 or sell a break below 1.6036 with a stop at 1.6245.
