Today's support and resistance levels:
R3: 1.5725
R2: 1.5692
R1: 1.5682
Current spot: 1.5668
S1: 1.5649
S2: 1.5589
S3: 1.5543
Technical summary:
We were looking for a more complex correction towards 1.5589 after the break below 1.5692 and that expectation has proved correct. In the short term, we expect minor resistance at 1.5682 to protect the upside for the next move lower towards the 61.8% corrective target at 1.5589, before a more sustained upside pressure can be expected. Only an unexpected break above resistance at 1.5760 tells us, that the correction is over and a new rally towards 1.5900 and higher is developing.
Trading recommendation:
We are looking to buy EUR near 1.5595 or upon a break above 1.5725 with stop placed at 1.5535.
