Today's Support and Resistance levels:
S1: 1.5429 R1: 1.5468
S2: 1.5406 R2: 1.5520
S3: 1.5368 R3: 1.5595
Technical overview:
A short-term high has been established just below our first target at 1.5535 and we consider 1.5406 will protect the downside for the next rally higher towards resistance at 1.5630 and higher at 1.5770. However, if support at 1.5406 breaks, the risk for a deeper correction towards the 1.5333 - 1.5350 area is expected before the next rally higher. In the longer term we expect this rally exceeds the top at 1.6359 for a continuation towards at least 1.6697, but this rally will likely be much higher.
Trading recommendation:
We are long EUR from 1.5315 with a stop at 1.5175. If you are not long EUR already, then we recommend buying EUR close to 1.5406 with the same stop.