Today's Support and Resistance levels:
R3: 1.6403
R2: 1.6363
R1: 1.6340
Current spot: 1.6310
S1: 1.6268
S2: 1.6223
S3: 1.6187
Technical summary:
Red wave v extended its decline, but after one more new low closer to 1.6223 we should see a correction higher to just below resistance at 1.6575. Looking at the larger picture, we are looking for wave C lower to 1.5793 in a zig-zag correction. Wave A of this zig-zag correction was pretty straight forward and it seem wave C will be pretty clear wave too, but wave B was a bit of a nightmare to read as it became a complex expanded flat correction.
Trading recommendation:
A nice profit was booked at 1.6350. Wait to a new EUR selling opportunity to be engaging in this currency cross. В
