Today's support and resistance levels:
R3: 1.5650
R2: 1.5628
R1: 1.5615
Current spot: 1.5568
S1: 1.5567
S2: 1.5546
S3: 1.5516
Technical summary:
We are still looking for hard evidence that a firm bottom is in place with the 1.5478 low. Short-term break above 1.5628 will be the first indication, while a break above minor resistance at 1.5650 will call for a test of the important resistance at 1.5706. A break above it would confirm the bottom in place at 1.5478 for a continuation higher towards the 1.61 - 1.62 area, where major resistance would be found.
In the short term, only a break below support at 1.5515 would call for a new test of 1.5478.
Trading recommendation:
We are long EUR at 1.5585 with stop at 1.5470. If you are not long EUR yet, then buy EUR near 1.5546 or upon a break above 1.5615 with the same stop at 1.5470
