Today's Support and Resistance levels:
R3: 1.6550
R2: 1.6527
R1: 1.6485
Current spot 1.6455
S1: 1.6390
S2: 1.6344
S3: 1.6310
Technical summary:
There has been range trading between 1.6417 and 1.6527 since yesterday without much indication of the next direction. However, we still think that a break towards the upside is most likely and will be confirmed by a break above minor resistance at 1.6485 and more importantly a break above 1.6550 confirming a continuation higher towards 1.6787 and above. At this point only a break below support at 1.6390 will invalidate the bullish count and add a slight downside pressure, but the downside should be limited and at no point should support at 1.6214 be broken.
Trading recommendation:
Stay long from 1.6466 with your stop placed at 1.6346. If you are not long in EUR yet, then buy EUR upon a break above 1.6485 with the same stop at 1.6346.
