Today's Support and Resistance Levels:
R3: 1.6658
R2: 1.6636
R1: 1.6607
Current Spot: 1.6577
S1: 1.6560
S2: 1.6540
S3: 1.6520
Technical Summary:
After a quick decline to just below the ideal target at 1.6446 (the low came in at 1.6443, just 3 small pips below the ideal target) we have seen an impulsive rally. This first rally will likely end at 1.6658 for a small decline to towards the 1.6540 - 1.6545 zone before the next powerful rally towards important resistance at 1.6843 and a break above higher will be very bullish long term.
Trading Recommendation:
We bought EUR at 1.6605, placed stop at 1.6440. If you are not long EUR already, then buy close to 1.6545 with the same stop at 1.6545.
