Today's Support and Resistance Levels:
S1: 1.5928 R1: 1.5987
S2: 1.5905 R2: 1.6061
S3: 1.5878 R3: 1.6127
Technical Overview:
We still think blue wave ii is in place at the 1.5906 low and we will see a break above important resistance at 1.5987 soon. Once resistance at 1.5987 gives away it would not take a long time to clear the top at 1.6059 too. We are still very confident, that a long-term rally higher towards 1.6967 is developing and it is just a time for the next big rally higher in blue wave iii begins.
As long as resistance at 1.5987 protects the upside, we could see a minor decline towards 1.5928, but that is all that can be considered right now. A break below 1.5913 will be a surprise to us. But a break below 1.5788 will invalidate our bullish call and indicate that a more complex correction started from the 1.6059 high.
Trading Recommendation:
You should be long EUR from 1.5725 with 1.5860 stop. If you are not long EUR already you should buy at 1.5930 or a break above 1.5987 (one order cancels the other) with the same stop.
