Today's support and resistance levels:
R3: 1.6162
R2: 1.6138
R1: 1.1618
Current spot: 1.6093
S1: 1.6072
S2: 1.6058
S3: 1.6038
Technical summary:
The decline to 1.5992 has once again complicated things here. At this point it is almost impossible to tell, whether we are in a very complex correction or in an impulsive rally higher. We are still slightly in favor of the impulsive count, but if this is the case, then resistance at 1.6207 should be taken out, without any trouble for a rally towards 1.6269 and above for a continuation higher to 1.6446. Only a break below support at 1.5992 and, more importantly, a break below support at 1.5957 will shift the focus towards the expanding diagonal count.
Trading recommendation:
Our stop at 1.6025 was hit and we will stay neutral to the picture clears.
