Today's Support and Resistance levels:
R3: 1.6779
R2: 1.6708
R1: 1.6658
Current Spot: 1.6622
S1: 1.6590
S2: 1.6556
S3: 1.6516
Technical summary:
We are still looking for the fianl rally in green wave v towards 1.6869 to end the leading diagonal. Once green wave v is in place we should see a correction towards 1.6556 before a new impulsive rally higher towards at least 1.7239.
Short term we are looking for support at 1.6590 protecting the downside for a break above 1.6658 confirming the rally towards 1.6869. Only an unexpected direct break below 1.6556 will invalidate our bullish call and add considerable downside pressure.
Trading recommendation:
Stay long in EUR from 1.6520. Keep your stop at 1.6550 and take profit at 1.6850.
