Today's Support and Resistance levels:
R3: 1.5742
R2: 1.5678
R1: 1.5653
Current spot: 1.5630
S1: 1.5626
S2: 1.5608
S3: 1.5566
Technical summary:
After a perfect test of 1.5683 we are looking for confirmation that blue wave iv is over. A break below minor support at 1.5608 will confirm that blue wave iv is over and blue wave v towards 1.5447 and possibly even lower towards 1.5296 is developing. In the short term we are looking for resistance at 1.5666 to protect the upside for a break below 1.5626 and more importantly a break below 1.5608 confirming a new test of 1.5566 is on the way lower towards 1.5447.
Trading recommendation:
We are short in EUR from 1.5660 and will move our stop lower to 1.5685 from 1.5700 upon a break below 1.5608. If you are not short in EUR yet, then sell upon a break below 1.5626 with the same stop at 1.5685.
