Today's Support and Resistance levels:
R3: 1.6180
R2: 1.6135
R1: 1.6085
Current spot: 1.6073
S1: 1.6045
S2: 1.6000
S3: 1.5956
Technical summary:
Wave d of the triangle consolidation is currently unfolding. We will ideally see resistance at 1.6122 protect the upside for a break below support at 1.6045 confirming the next part of the decline towards 1.5936 and maybe even lower towards 1.5908, before the final e wave takes over for a rally towards 1.6015. When this triangle consolidation finally comes to an end, we will be looking for a thrust out of the triangle to the downside for a move closer to the ideal target near 1.5536.
Trading recommendation:
Stay short in EUR from 1.6049 with a stop and reverse at 1.6185. If you are not short in EUR yet, then sell near 1.6100 with the same stop and reverse at 1.6185.
