Today's support and resistance levels:
R3: 1.5983
R2: 1.5969
R1: 1.5936
Current spot: 1.5924
S1: 1.5901
S2: 1.5883
S3: 1.5860
Technical summary:
We saw the expected strong rally above 1.5859 and it should just be a matter of time before the next strong rally kicks in. This time we should see a break above the base-channel resistance-line near 1.5985 for an acceleration higher to 1.6203 on the way higher to 1.6407. In the short term, only a break below 1.5883 will delay the expected upside rally for a move closer to 1.5860 before the next rally higher.
Trading recommendation:
We are long in EUR from 1.5826 and will move our stop higher to 1.5790. If you are not long in EUR yet, then buy a break above 1.5936 with the same stop at 1.5790.
