Today's support and resistance levels:
R3: 1.5831
R2: 1.5756
R2: 1.5708
Current spot: 1.5675
S1: 1.5650
S2: 1.5598
S3: 1.5561
Technical summary:
The correction in wave ii moved a little lower than the expected 1.5485 (the low came in at 1.5443), but the following rally is most encouraging and calls for a continuation in wave iii higher to at least 1.5885. Ideally, now we will see support near 1.5598 to protect the downside for the next rally higher to 1.5885. However, even if we do see a correction lower to 1.5540, it will not change anything in the larger picture.
Trading recommendations:
We are long in EUR from 1.5525 and will move stop higher to 1.5440. If you are not long in EUR yet, then buy close to 1.5598 with the same stop at 1.5440.
