Today's Support and Resistance Levels:
R3: 1.6684
R2: 1.6636
R1: 1.6592
Current Spot: 1.6586
S1: 1.6521
S2: 1.6487
S3: 1.6462
Technical Summary:
The wave iv correction fell short of its ideal corrective target near 1.6344 and found its bottom already at 1.6380. Wave v is developing towards 1.6739. In the short-term we are looking for a minor set-back towards 1.6521 before a clear break above 1.6592 confirms the next rally higher towards 1.6636 and the expected wave v target at 1.6739. Only a break below 1.6380 will invalidate this count and call for a decline closer to 1.6344, but it will take a break below 1.6259 to invalidate the above count altogether and bring our alternative count in to play.
Trading Recommendation:
We missed the buying opportunity at 1.6350 yesterday. We will place a new EUR buy order at 1.6535 with a stop at 1.6375.
