Today's Support and Resistance levels:
R3: 1.6869
R2: 1.6800
R1: 1.6735
Current Spot: 1.6707
S1: 1.6673
S2: 1.6648
S3: 1.6590
Technical summary:
The price action seen over the last couple of days, has been slightly disappointing and is not really in accordance with the scenario of a series of waves one's and two's developing. Therefore we have shifted our preferred count to a leading diagonal developing. Ultimately the outcome will be the same, a new powerful rally to 1.7239 and above, just the pace will be slower.
In the short term we are looking for support at 1.6590 protect the downside for the next powerful rally higher towards 1.6869. This should mark the end to the leading diagonal and call for a correction towards 1.6556 before higher again.
Trading recommendation:
Stay long from 1.6520 and lift you stop to 1.6550 and place take profit at 1.6850.
