Today's Support and Resistance levels:
R3: 1.6054
R2: 1.6000
R1: 1.5944
Current spot: 1.5876
S1: 1.5846
S2: 1.5807
S3: 1.5766
Technical summary:
After a small correction towards 1.5944, we should see renedwed downside pressure towards the ideal target for blue wave iii at 1.5694. That said, if a clear break above 1.5944 is seen, this correction could extend towards 1.6000 and maybe even 1.6054, but we find this outcome less likely. In the longer term, we are looking for a decline towards 1.5434 before this complex correction finally will come to an end.
Trading recommendation:
Our stop at 1.5860 was hit for a nice little profit. Sell EUR again at 1.5930 with a stop at 1.6090 and take profit at 1.5710.
