Today's support and resistance levels:
R3: 1.5636
R2: 1.5613
R1: 1.5599
Current spot: 1.5580
S1: 1.5559
S2: 1.5531
S3: 1.5511
Technical summary:
The correction we where looking for became slightly larger than expected, but the impulsive rally from 1.5398 should soon be resumed for a move towards 1.5636. Once at 1.5636, look for the first serious correction. This correction will likely take us lower to 1.5511 and maybe even slightly lower, but at no point should the low at 1.5398 be taken out, as that will invalidate the current bullish count.
Trading recommendations:
We are long in EUR from 1.5425 and will move our stop higher to 1.5510 and move stop-profit to 1.5625. If our stop-profit target is hit, we will pace a new EUR-buy order at 1.5525 with a stop at 1.5395.
