Today's support and resistance levels:
R3: 1.5877
R2: 1.5853
R1: 1.5833
Current spot: 1.5817
S1: 1.5808
S2: 1.5792
S3: 1.5758
Technical summary:
We have seen a temporary low at 1.5724, but the rally of this low, does look corrective. We expect one final low closer to 1.5705 to be seen before wave 4 is over and wave 5 higher towards 1.6446 and 1.6800 will take over. In the short term, a break below support at 1.5808 and more importantly a break below support at 1.5758 will confirm that final decline towards 1.5705.
Trading recommendation:
We will buy EUR at 1.5720 with a stop at 1.5520.
