Today's support and resistance levels:
R3: 1.6219
R2: 1.6166
R1: 1.6140
Current spot: 1.6128
S1: 1.6085
S2: 1.6055
S3: 1.6000
Technical summary:
No news here. We are still locked in a narrow range, with no real signs of a breakout any time soon. As long as we stay locked within the 1.6055 - 1.6219 nothing is going to happen here. We are still looking for a break above 1.6219 to get things going for a new rally towards 1.6446 and even higher to 1.6836. Only an unexpected break below 1.6055 will delay the expected upside pressure for a move closer to 1.6000, but the downside should be very limited.
Trading recommendation:
We are long on EUR from 1.6135 with stop placed at 1.6025. If you are not long on EUR yet, then buy near 1.6055 with the same stop at 1.6025.
