Today's Support and Resistance levels:
S1: 1.5248 R1: 1.5301
S2: 1.5215 R2: 1.5319
S3: 1.5180 R3: 1.5354
Technical overview:
We are looking for a break above 1.5319 as the first indication that a bottom is in place with the test of 1.5180. That said, we need a break above 1.5376 to confirm the bottom and that a new major rally is developing, a rally that will ultimately take us back above 1.6359 and possibly much higher. However, as long as resistance at 1.5319 and, more importantly, at 1.5375 protects the upside we must accept the possibility of a new attack towards the downside, but the potential room towards the downside should be very limited.
Trading recommendation:
We are long EUR from 1.5315 with a stop at 1.4960. If you are not long EUR already, then we recommend buying EUR upon a break above 1.5319 with the same stop.