Today's Support and Resistance levels:
R3: 1.6748
R2: 1.6713
R1: 1.6670
Current spot: 1.6623
S1: 1.6560
S2: 1.6493
S3: 1.6419
Technical summary:
Black wave iii ended slightly earlier than expected 1.6792 (the high of wave iii came in at 1.6748). We are now in black wave iv, which ideally will meet support at 1.6560 for the next rally higher towards 1.6910 to end black wave v and wave i of 3, which is expected to move much higher in the longer term. The alternative count (not shown on the chart) calls for a possible triangle developing, but this count still calls for a move towards 1.6900 before a new decline sets in.
Trading recommendation:
Stay long in EUR from 1.6495. As the take profit target has not been hit, keep your stop at 1.6554 and place take profit at 1.6875. If you are not long in EUR yet, the buy EUR near 1.6560 with a very close stop at 1.6554 and with the same take profit target at 1.6875.
