Today's Support and Resistance levels:
R3: 1.6208
R2: 1.6160
R1: 1.6120
Current spot: 1.6107
S1: 1.6086
S2: 1.6053
S3: 1.6000
Technical summary:
The b wave of wave iv should terminate soon and we should look for an impulsive rally higher towards 1.6450. This rally will end wave iv of the ending diagonal, which is currently unfolding. Once wave iv is in place near 1.6450, we should see one final decline closer to the 1.6000-1.6020. In the short term a break above minor resistance at 1.6120 and more importantly a break above 1.6160 will confirm that the impulsive rally towards 1.6450 is developing.
Trading recommendation:
Buy EUR here at 1.6107 with a stop at 1.6050 and place take profit at 1.6425.
