Today's Support and Resistance Levels:
R3: 1.6727
R2: 1.6664
R1: 1.6601
Current Spot: 1.6578
S1: 1.6553
S2: 1.6488
S3: 1.6446
Technical Summary:
The big question here is whether we have seen the bottom of red wave ii at 1.6488 (just above the ideal target at 1.6446) or we will see minor resistance at 1.6601 protect the upside for a little more downside action towards the ideal target at 1.6446.
A break above 1.6601 will indicate that red wave ii is indeed in place and we should see a powerful rally above 1.6727 confirming a new test of 1.6843 on the way higher towards 1.7274 and likely higher.
Trading Recommendation:
Buy EUR upon a break above 1.6601 with a stop at 1.6525
