Today's support and resistance levels:
R3: 1.5898
R2: 1.5866
R1: 1.5854
Current spot: 1.5835
S1: 1.5827
S2: 1.5814
S3: 1.5806
Technical summary:
Wave 1 ended early at 1.5898, just below our expected target of 1.5920. Wave 2 is now unfolding for a correction towards at least 1.5707 and possibly even lower towards the 1.5648 support. Once this wave 2 correction is over, we should be looking for a new powerful rally above the 1.5898 top for a rally towards at least 1.6203 and above here that will open up the upside for a much stronger rally in the longer term.
Trading recommendation:
Our stop at 1.5830 was hit for another nice profit. We will look for buying opportunties as wave 2 closes in on the 1.5648 - 1.5707 support area.
