Today's Support and Resistance levels:
S1: 1.5989 R1: 1.6058
S2: 1.5945 R2: 1.6108
S3: 1.5885 R3: 1.6147
Technical overview:
Strong resistance at 1.6072 was pierced, but important resistance at 1.6147 has never been in any danger of being broken. Now we are looking for a break below minor support at 1.5889 to confirm the next leg lower towards strong support at 157.50. The next move down will likely be very powerful and dynamic in its character and we should see a quick decline to 1.5892 once support at 1.5989 is broken. In the short term we will find resistance at 1.6058, which will ideally protect the upside for the break below support at 1.5989.
Trading recommendation:
We are short EUR from 1.5985 with stop at 161.50 upon a break below 1.5989 we will move our stop lower to 1.6075. If you are not short EUR already, then sell a break below 1.5989 with a stop at 1.6075.