Today's support and resistance levels:
R3: 1.5930
R2: 1.5906
R1: 1.5895
Current spot: 1.5887
S1: 1.5831
S2: 1.5810
S3: 1.5795
Technical summary:
The correction we where looking for is unfolding nicely and we are still looking for this correction to move closer to 1.5766 before terminating and setting the stage for a new strong rally in wave iii higher towards 1.6203 on the way higher to 1.6450. In the short term, we will be looking for a break below minor support at 1.5831 confirming the decline to 1.5766.
Trading recommendation:
We are long in EUR from 1.5550 with stop placed at 1.5750. If you are not long in EUR yet, then buy near 1.5766 with the same stop at 1.5750.
