Today's Support and Resistance Levels:
S1: 1.5582 R1: 1.5672
S2: 1.5562 R2: 1.5708
S3: 1.5528 R3: 1.5744
Technical Overview:
It is most likely that we saw the top of maroon wave iii yesterday at 1.5708, which was slightly below the ideal target at 1.5708. We should now be looking for a minor correction down towards 1.5562 and maybe even 1.5528, but that is less likely. Once we have seen this correction, we should again turn our focus towards the upside for a rally near 1.5764, which should mark the top of maroon wave v and green wave iii.
Trading Recommendation:
As the trend is clearly up, we are looking for a buying opportunity and will buy EUR at 1.5565 with a 1.5465 stop.
