Tody's support and resistance levels:
R3: 1.5877
R2: 1.5833
R1: 1.5792
Current spot: 1.5785
S1: 1.5742
S2: 1.5717
S3: 1.5705
Technical summary:
We are still looking for the final spike lower to the ideal target at 1.5705 to end wave 4 and set the stage for a strong rally in wave 5 higher towards 1.6446 on the way to 1.6800. Short term, we could see a small new rally to 1.5877 or maybe even slightly above before the final decline to 1.5705. In the short run, a break below 1.5746 will indicate that a spike towards 1.5705 is unfolding.
Trading recommendation:
We are still looking to buy EUR at 1.5720 with a stop at 1.5520.
