Today's support and resistance levels:
R3: 1.5501
R2: 1.5489
R1: 1.5480
Current spot: 1.5478
S1: 1.5453
S2: 1.5436
S3: 1.5416
Technical summary:
This cross has been very hard to read since the top at 1.7274, but we still think that a bottom should be pretty close. As long as minor resistance at 1.5501 protects the upside, we should expect a little more downside to 1.5416 as the next possible target. From 1.5416 we should look for signs of a possible reversal. The first minor clue will be a break above 1.5501 and more importantly a break above 1.5585, which will call for a move higher to 1.5706 and possibly even higher.
Trading recommendation:
We will buy EUR at 1.5425 with stop at 1.5385.
