Today's Support and Resistance Levels:
R3: 1.6733
R2: 1.6692
R1: 1.6642
Current Spot: 1.6620
S1: 1.6572
S2: 1.6472
S3: 1.6392
Technical Summary:
There was no time for a deeper correction and we saw a direct break above resistance at 1.6636. The direct break above 1.6636 has forced us to change our count slightly, but this new count is even more bullish longer term. Short term we can count a five wave rally from 1.6050, which only marks red wave i and we expect the ongoing red wave ii to reach the 1.6380 - 1.6392 zone before red wave iii takes over for a powerful rally higher towards 1.7484 and maybe even higher. However, for now we will be looking for a short term correction towards the 1.6380 - 1.6392 zone.
Trading Recommendation:
We missed our buying opportunity again, but we expect to get a new buying opportunity at 1.6410 soon.
