Today's Support and Resistance levels:
S1: 1.5440 R1: 1.5527
S2: 1.5403 R2: 1.5578
S3: 1.5356 R3: 1.5628
Technical overview:
Even though we have seen a small break above the wave i top at 1.5558, we are convinced that the wave ii correction is still developing into an expanded flat correction. That means we shall soon see a new decline towards our ideal target area between 1.5263 - 1.5319 from where we expect to see the development of the next powerful rally. In the short term we expect resistance at 1.5527 will protect the upside for the decline. A break above 1.5527 and, more importantly, a break above 1.5577 will indicate that wave iii higher is developing.
Trading recommendation:
We are looking to buy EUR at 1.5333 or upon a break above 1.5527 with a stop at 1.5075.