Today's Support and Resistance Levels:
R3: 1.6575
R2: 1.6546
R1: 1.6505
Current Spot: 1.6474
S1: 1.6444
S2: 1.6398
S3: 1.6366
Technical Summary:
The red wave iv correction extended more than expected, but the upside potential is limited from here and we expect minor resistance at 1.6508 will protect the upside for a break below 1.6444, which calls for red wave v to get lower to 1.6200.
Even if we see an unexpected break above 1.6508, the upside should be limited to 1.6546 and maximum 1.6575 before red wave v takes over.
Trading recommendation:
Our stop at 1.6470 was hit for a small loss. We will re-sell EUR here at 1.6474 and place our stop at 1.6600.