Today's Support and Resistance levels:
S1: 1.5644 R1: 1.5709
S2: 1.5597 R2: 1.5739
S3: 1.5550 R3: 1.5784
Technical overview:
The expected decline seems to be a harder fight than we expected. That said, we continue to make progress towards the downside and for the short term, we expect to see resistance at 1.5739 protecting the upside for a break below 1.5644, which confirms the next decline to 1.5597 and lower towards 1.5550. Our ideal target for this decline is near 1.5200, but we could see a lower just below support at 1.5390.
Trading recommendation:
We are short EUR from 1.5915 with a stop at 1.5790. If you are not short EUR already, then sell at 1.5730 or upon a break below 1.5644 with the same stop.