Today's Support and Resistance Levels:
S1: 1.5496 R1: 1.5528
S2: 1.5445 R2: 1.5600
S3: 1.5390 R3: 1.5650
Technical Overview:
The price-action here has been very compressed this week. It indicates that when we break out of this consolidation we should see a very powerful move. We still prefer a break above resistance at 1.5528 for a quick run to important resistance at 1.5600 and higher. However, the risk is a break below 1.5390, which will change our view to a more bearish one and call for a much deeper decline towards at least 1.5244. As we have already said we prefer an upside break above 1.5528 for a move higher towards 1.5927 as the first major target. But in the long term we should see much higher levels, if our preferred count is correct.
Trading Recommendation:
We are long EUR from 1.5510 with a stop at 1.5385. If you are not long EUR already wait for a break above 1.5528 before buying with the same stop.