Today's Support and Resistance levels:
S1: 1.5973 R1: 1.6043
S2: 1.5936 R2: 1.6088
S3: 1.5881 R3: 1.6134
Technical overview:
Currently we are testing the new possible base-channel support-line and it will ideally protect the downside for a break above minor resistance at 1.6043, and more importantly, a break above 1.6134 to confirm the next rally higher. However, as long as minor resistance at 1.6043, and more importantly, resistance at 1.6134 is not broken we could see a move down to 1.5936 and even 1.5881 and still keep the uptrend alive. It will take a break below 1.5750 to invalidate our present count and call for a much deeper decline.
Trading recommendation:
We will buy a break above 1.6043 with a stop at 1.5970.