Today's Support and Resistance levels:
R3: 1.6348
R2: 1.6263
R1: 1.6193
Current Spot: 1.6161
S1: 1.6111
S2: 1.6073
S3: 1.6011
Technical summary:
As long as resistance at 1.6263 and, more importantly, as long as important short-term resistance at 1.6348 protects the upside we should be expecting a move lower towards 1.6011, as the next downside target. Over the last 10 days we have seen a massive bullish divergence building, which is a warning, that the wave C decline of this expanded flat correction is losing momentum almost by the minute. However, to confirm this loss we need a break above 1.6263 and, more importantly, a break above 1.6348. A break above the later will confirm a new rally higher towards 1.7273 and even higher in the long term.
Trading recommendation:
Wait till the market confirms that wave C is over before buying EUR. Buy only a break above 1.6348, therefore place a buy order at 1.6350.