Today's support and resistance levels:
R3: 1.5782
R2: 1.5760
R1: 1.5743
Current spot: 1.5721
S1: 1.5709
S2: 1.5701
S3: 1.5690
Technical summary:
The rally above 1.5725 indicates that wave 2 ended early at 1.5646 and wave 3 higher is already developing. In short run, we could see a minor correction towards 1.5683 before the next rally higher to challenge resistance at 1.5782 and a break above here confirms that wave 2 is over, wave 3 is higher to 1.5898, and 1.6203 is developing. It will take an unexpected decline below 1.5646 to alter this count and indicate an even more complex correctin, than it is developing now.
Trading recommendation:
We missed our EUR buy-order at 1.5595, but have instead bought EUR at 1.5725 and will place our stop at 1.5640. If you are not long in EUR yet, then buy EUR near 1.5683 with the same stop at 1.5640.
