Today's Support and Resistance levels:
S1: 1.5811 R1: 1.5869
S2: 1.5771 R2: 1.5908
S3: 1.5703 R3: 1.5964
Technical overview:
As we saw a break below 1.5780 yesterday, our 1-2/1-2 count was invalidated and it seems as a more complex correction in form of an expanded flat correction is ongoing from the 1.5977 high. If this is the case we should see a continuation lower towards at least 1.5703 before blue wave ii is finally over. Short-term minor support at 1.5869 should protect the upside for a break below 1.5811, and more importantly a break below 1.5771, which confirms the decline towards 1.5703. However, a break above 1.5869 will call for a move closer to 1.5907 before down.
Trading recommendation:
We are long EUR from 1.5655 and will take our profit here at 1.5830 and sell EUR with a 1.5910 stop and take profit+revers our position to a long EUR-position at 1.5725.