Today's Support and Resistance levels:
R3: 1.5583
R2: 1.5563
R1: 1.5554
Current spot: 1.5550
S1: 1.5500
S2: 1.5475
S3: 1.5446
Technical summary:
The final decline towards 1.5446 is developing to end the major decline from 1.7269. In the short term, we expect minor resistance at 1.5554 to protect the upside for a move lower towards the ideal target at 1.5446. Once the target is reached, we will be looking for a major rally higher.
It will take a break above resistance at 1.5706 to indicate the bottom is in place.
Trading recommendation:
We will look for a buying opportunity near 1.5446.
