Today's Support and Resistance Levels:
R3: 1.6180
R2: 1.6135
R1: 1.6097
Current Spot: 1.6058
S1: 1.6045
S2: 1.5989
S3: 1.5956
Technical Summary:
The triangle consolidation that have been dominating the picture over the last couple of weeks is still unfolding. We are currently in wave d and expects wave d to decline towards 1.5936 and maybe even slightly lower towards 1.5908 before the final wave e takes over. Ultimately we are looking for a thrust out of the triangle to the downside for a move closer to 1.5536.
Trading Recommendation:
Stay short EUR from 1.6049 with a stop and revers at 1.6185. If you are not short EUR yet, then sell EUR at 1.6080 or upon a break below 1.6050 with the same stop and revers at 1.6185.
