Today's support and resistance levels:
R3: 1.5900
R2: 1.5868
R1: 1.5845
Current spot: 1.5825
S1: 1.5795
S2: 1.5774
S3: 1.5756
Technical summary:
We've reached a new high at 1.5825 where we should expect a continuation higher to the next extension target at 1.5900 and maybe even higher. Short-term minor support at 1.5795 ideally will protect the downside for the rally higher to 1.5900. In the longer term, we are looking for much higher levels closer to 1.6205 and higher.
Trading recommendation:
We are long in EUR from 1.5525 and will move stop higher to 1.5750. If you are not long in EUR yet, then but EUR near 1.5795 with the same stop at 1.5750.
