Today's Support and Resistance levels:
R3: 1.6522
R2: 1.6449
R1: 1.6359
Current spot: 1.6345
S1: 1.6331
S2: 1.6298
S3: 1.6256
Technical summary:
We saw the expected decline closer to 1.6223 (the low has been 1.6214) followed by a correction higher. We expect resistance at 1.6369 will protect the upside for a break below 1.6331 calling for a decline towards 1.6298 and maybe even lower towards 1.6270, before the next move higher towards 1.6415 to end this correction and wave (iv). Once wave (iv) is over, expect wave (v) lower towards 1.6173 and likely even lower to 1.6005.
Trading recommendation:
We will sell EUR at 1.6405 with a stop at 1.6580. The aggressive day traders can sell here at 1.6345 with a stop at 1.6375 and take profit at 1.6295.В
