Today's Support and Resistance levels:
S1: 1.5928 R1: 1.5978
S2: 1.5898 R2: 1.6005
S3: 1.5873 R3: 1.6060
Technical overview:
After only a shallow wave ii we broke clearly above resistance at 1.5848, which confirmed the next rally higher. In the short term we will look for a minor set-back to 1.5928 and maybe 1.5898 before the next rally higher through 1.5978 for a rally towards 1.6060 and 1.6112 as the next minor targets. That said, we must still be aware, that this rally could be part of the complex correction, that began at 1.6359 and if this is the case we most likely will only see a move slightly above 1.5978 before a decline breaks below 1.5802, which will confirm that the complex correction still is ongoing.
Trading recommendation:
We are long EUR from 1.5770 and will move our stop higher to 1.5795. If you are not long EUR already you should buy EUR at 1.5905 or a break above 1.5962 (one order cancels the other) with the same stop.