Today's Support and Resistance levels:
R3: 1.6064
R2: 1.6032
R1: 1.6010
Current spot: 1.5980
S1: 1.5971
S2: 1.5945
S3: 1.5914
Technical summary:
The triangle consolidation is still unfolding. At this point, it is a bit unclear whether red wave c already has ended or more upside towards 1.6140 is needed. No matter which count proves correct, more sideways consolidation inside the triangle will be seen, before the final decline should be expected. This correction since September 2013 has been a nightmare and we are just looking forward to it being over soon.
Trading recommendation:
Stay neutral for now. Sell EUR at 1.6130 with a stop and reverse at 1.6185.
