Today's Support and Resistance level:
R3: 1.6546
R2: 1.6518
R1: 1.6503
Current Spot: 1.6458
S1: 1.6439
S2: 1.6413
S3: 1.6368
Technical summary:
The failure to clearly break below support at 1.6366 indicates, that a more complex correction is taking place. We are looking for an expanded flat correction, which will like take us up to 1.6518 before the next downside pressure can be expected. We are still looking for red wave v to take us down to 1.6200.
In the longer term we are looking for even lower levels in the ongoing wave C, which ideally will take us to 1.5793.
Trading recommendation:
Close short positions from 1.6470 here at 1.6460 for a small profit. Sell EUR again at 1.6515 with a stop at 1.6580.
