Today's Support and Resistance levels:
R3: 1.5979
R2: 1.5923
R1: 1.5905
Current spot: 1.5877
S1: 1.5848
S2: 1.5824
S3: 1.5774
Technical summary:
We expected that the small correction from 1.5855 was over, but it turned into the more complex expanded flat correction for a final rally towards 1.5980. This has changed our count slightly, but we should soon see the next powerful decline towards at least 1.5779 and more likely lower towards 1.5655 in green wave iii. In the short term look for minor resistance at 1.5905 to protect the upside for a break below 1.5848 to confirm the decline to 1.5779 and lower.
Trading recommendation:
Our short position from 1.5860 hit the stop at 1.5900 for a small loss. We will sell EUR again here at 1.5877 with a stop at 1.5985, but we will lower the stop to 1.5910 upon a break below 1.5848.
