Today's Support and Resistance levels:
S1: 1.6043 R1: 1.6120
S2: 1.6000 R2: 1.6158
S3: 1.5969 R3: 1.6237
Technical overview:
The channel support line held as expected for a break above minor resistance at 1.6043, but the rally from 1.5969 is in no way impressive as of yet and we need to see some acceleration higher soon for a break above 1.6158, which will indicate a new rally higher towards 1.6277 and 1.6358 on the way towards 1.6524. In the short term we now find support at 1.6043 and important support at 1.5969. A break below 1.5969 will weaken the uptrend seriously and will be the first indication, that our count is wrong and a break below 1.5752 will confirm it.
Trading recommendation:
We are long EUR from 1.6045 and will place our stop+revers from our long EUR-position to a short EUR-position at 1.5965.