Today's Support and Resistance levels:
R3: 1.6572
R2: 1.6529
R1: 1.6464
Current spot: 1.6425
S1: 1.6389
S2: 1.6352
S3: 1.6290
Technical summary:
We have see a wave ii bottom just below our target at 1.6395 (the low has been 1.6389). Wave ii has turned into an expanded flat correction, which heralds that an extended wave iii will be seen. Therefore we expect wave iii to reach at least 1.6634 and maybe even higher towards 1.6782. Short term we will be looking for a break above minor resistance at 1.6464 and more importantly a break above 1.6529 that confirms that wave iii higher is developing. At no point should a break below support at 1.6352 be seen.
Trading recommendation:
Stay long in EUR from 1.6466 and raise your stop to 1.6345. If you are not long in EUR yet, then buy EUR upon a break above 1.6466 with the same stop at 1.6345.
