Today's Support and Resistance Levels:
S1: 1.5569 R1: 1.5627
S2: 1.5544 R2: 1.5697
S3: 1.5434 R3: 1.5752
Technical Overview:
As it was said yesterday we are not out of the woods yet. The failure to push higher is a matter of concern. However, waves 2 retraced the whole wave 1 without violation of R.N. Elliott's rules. But if there is a single tick below 1.5569, the possible bullish count will be invalidated. It may call for a deeper correction towards 1.5544, and probably even towards 1.5434. However, as long as support at 1.5569 protects the downside move, we will look for a break above 1.5697. But more importantly is 1.5752 that will be confirmed soon. That means a new rally towards 1.5902 and higher is under way.
Trading Recommendation:
You should be long EUR from 1.5620 with a stop at 1.5565. If you are not long EUR already, then wait for a break above 1.5697 before buying with the same stop.
