Today's support and resistance levels:
R3: 1.6179
R2: 1.6059
R1: 1.5990
Current spot: 1.5928
S1: 1.5920
S2: 1.5860
S3: 1.5820
Technical summary:
We are locked in a range, which is best described as "no man's land". As the underlying downtrend still has not been reversed, we will keep looking for a clues of a continuation lower towards 1.5765 and possibly even towards 1.5653. That said the rally of the 1.5860 low could be the start of a new uptrend, but to confirm that outcome a break above minor resistance at 1.6179 and more importantly a break above resistance at 1.6285 is needed. A break above 1.6285 will call for a new rally towards 1.6787 and higher.
Trading recommendation:
We are long EUR as our stop and reverse order was hit at 1.6125 and we have placed our stop at 1.5865. Only buy EUR upon a break above resistance at 1.6179 with the same stop.
