Today's support and resistance levels:
R3: 1.5877
R2: 1.5856
R1: 1.5827
Current spot: 1.5821
S1: 1.5790
S2: 1.5772
S3: 1.5765
Technical summary:
The correction from 1.5949 has turned out to be more complex than first anticipated. We could see a move slightly lower to 1.5765 before the next impulsive rally higher is expected. In the short term, a break above minor resistance at 1.5847 and more importantly a break above 1.5900 will indicate, that the correction is over for a new strong rally higher towards 1.6203 and 1.6450 longer term.
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 1.5765 with the same stop at 1.5750.
