Today's support and resistance levels:
R3: 1.5900
R2: 1.5872
R1: 1.5859
Current spot: 1.5825
S1: 1.5814
S2: 1.5794
S3: 1.5774
Technical summary:
We have seen the first impulsive rally from 1.5717 to 1.5857. The pair is currently consolidating and building strength to the next impulsive rally higher towards 1.6203 on the way higher to 1.6407. In the short term, we should ideally see minor support at 1.5814 to protect the downside for a break above 1.5859 confirming that the next impulsive rally is building. Only a break below 1.5813 will delay the expected rally for more consoldiation and a move closer to 1.5788 before higher again.
Trading recommendation:
We are long in EUR from 1.5826 with stop placed at 1.5735. If you are not long in EUR yet, then buy here or upon a break above 1.5859 with the same stop.
