Today's Suppor and Resistance levels:
R3: 1.6376
R2: 1.6269
R1: 1.6230
Current spot: 1.6225
S1: 1.6184
S2: 1.6137
S3: 1.6109
Technical summary:
Wave iii of the ending diagonal ended at 1.6086 and wave iv is currently unfolding towards 1.6450 from where the final wave v lower is expected. The internal waves of an ending diagonal is normally pretty complex, but they are always in three waves meaning they are corrective in their structure. Once this ending diagonal comes to an end, expect a new impulsive rally, but for now a rally to resistance near 1.6450 is all we can expect.
Trading recommendation:
Stay neutral for now.
