Today's Support and Resistance levels:
R3: 1.6488
R2: 1.6429
R1: 1.6387
Current spot: 1.6338
S1: 1.6302
S2: 1.6223
S3: 1.6113
Technical summary:
With the break above 1.6422 we have had to change our count slightly. Instead of a one-two/one-two count we have to assume, that red wave i has become the extended wave and we should now look for wave iii and v to be smaller wave of nearly the same size. The ideal target for this correction is still the same at 1.5525.
In the short term a break below 1.6302 will indicate that red wave ii is over for a decline towards 1.5913 and lower towards 1.5822 before a small flat correction should be expected. However, as long as support at 1.6302 protects the downside we could see more upside first, but the odds for this outcome is not the best.
Trading recommendation:
Sell EUR upon a break below 1.6302 with a stop at 1.6390. Take profit should be placed at 1.5550.
