Today's Support and Resistance Levels:
S1: 1.5693 R1: 1.5785
S2: 1.5652 R2: 1.5845
S3: 1.5599 R3: 1.5881
Technical Overview:
Again we missed our selling opportunity, as we only managed to see a high at 1.5830 before the next decline in wave v began. We still think we need one more new low below 1.5693 to end this c-wave of the expanded flat correction. Once this expanded flat correction is over we will expect a very powerful and extended rally in wave 3 higher. However, for now we should concentrate on finding the bottom for this red wave v of c. The ideal target area will be between 1.5635 - 1.5652; here the next rally higher should start.
It will take a break above 1.5777 to indicate that we have seen the end of wave c; a break above 1.5845 will confirm the bottom and that wave 3 higher has begun.
Trading Recommendation:
We missed out opportunity to sell EUR and the risk of a reversal is now becoming too great. Therefore, we will again look for buying opportunities. We will buy EUR at 1.5670 or at 1.5850 (one order done cancels the other) with a stop at 1.5575.
