Today's Support and Resistance levels:
R3: 1.6779
R2: 1.6718
R1: 1.6675
Current Spot: 1.6613
S1: 1.6581
S2: 1.6556
S3: 1.6516
Technical summary:
We are still looking for the final rally towards 1.6869 to end the leading diagonal. Once it is finished, we should see a correction towards 1.6556, before a new powerful impulsive rally higher towards 1.7239 takes over.
In the short term we expect minor support at 1.6618 to protect the downside for a break above 1.6675 confirming renewed upside pressure for a possible rally towards 1.6869. Only a break below 1.6556 will invalidate the bullish outlook and add considerable downside pressure.
Trading recommendation:
Stay long in EUR from 1.6520 and lift your stop to 1.6580. If you are not long in EUR, then buy after a break above 1.6675 with the same stop at 1.6580.
