Today's Support and Resistance levels:
R3: 1.6632
R2: 1.6568
R1: 1.6524
Current spot: 1.6504
S1: 1.6452
S2: 1.6434
S3: 1.6385
Technical summary:
It finally looks as red wave iv has ended slightly below our ideal target at 1.6463 (the low has been at 1.6452). In the short term we will be looking for a break above minor resistance at 1.6523 and more importantly a break above 1.6567 which confirms that red wave iv is over and red wave v is developing for a move higher towards 1.6792.
In the short term we will be looking for support at 1.6493, which ideally will hold for the break above 1.6523, but we could see a move slightly lower towards 1.6476 before the break above 1.6523. At no point a break below 1.6452 can be accepted as that will prolong the correction from 1.6690.
Trading recommendation:
Stay long in EUR from 1.6495 with a stop at 1.6340. If you are not long in EUR yet, then buy at 1.6493 or upon a break above 1.6523 with the same stop at 1.6340.
