Today's Support and Resistance Levels:
R3: 1.6179
R2: 1.6131
R1: 1.6097
Current Spot: 1.6039
S1: 1.6018
S2: 1.5974
S3: 1.5930
Technical Summary:
The first attempt to break above the trendline resistance near 1.6050 failed, but we think the next attmpt we be more successful and lead to a continuation higher towards strong resistance at 1.6179. Only a break above resistance at 1.6179 will confirm the bottom for a much higher rally towards 1.7274 and higher for a longer term.
In the short run, we will be looking for support near 1.6018 to be able to protect the downside, but only a break below strong support at 1.5974 will delay the upside pressure.
Trading Recommendation:
Stay long EUR from 1.5858 and keep your stop at 1.5905. If you are not long EUR yet, then buy near 1.6018 or upon a break above 1.6097 with a stop at 1.5970