Today's Support and Resistance levels:
R3: 1.6348
R2: 1.6263
R1: 1.6211
Current Spot: 1.6168
S1: 1.6109
S2: 1.6070
S3: 1.6011
Technical summary:
We are still expecting resistance at 1.6263 to protect the upside for the next downside pressure towards the next target at 1.6011. In the short term a break below 1.6109 will confirm that the next decline has begun.
Only a break above 1.6263 and, more importantly, a break above 1.6348 will invalidate the bearish call and indicate that an important bottom is already in place, for a new major rally towards 1.7274 and higher in the long term.
Trading recommendation:
Wait for the market to confirm that wave C is over before buying EUR. Only buy a break above 1.6348, therefore place a buy order at 1.6350.