Today's Support and Resistance levels:
R3: 1.6567
R2: 1.6538
R1: 1.6498
Current spot: 1.6477
S1: 1.6460
S2: 1.6445
S3: 1.6410
Technical summary:
The failure to break clearly above 1.6509 keeps the 1.6445 target alive. Short-term minor resistance at 1.6498 should protect the upside for the last decline towards the 1.6445 target to end wave 2 and set the stage for wave 3 higher. Only a break above minor resistance and more importantly a break above resistance at 1.6538 indicates that wave 2 is over and wave 3 is developing for a rally higher towards at least 1.7141.
Trading recommendation:
We are long in EUR from 1.6510 and have placed stop at 1.6210. If you are not long in EUR yet, then buy EUR at 1.6450 or upon a break above resistance at 1.6538 with the same stop at 1.6210.
