Today's Support and Resistance levels:
R3: 1.6062
R2: 1.6036
R1: 1.6002
Current spot: 1.5971
S1: 1.5946
S2: 1.5920
S3: 1.5878
Technical summary:
No real change here. The corrective cycle is still unfolding towards the ideal target at 1.5920. Only a break above minor resistance at 1.6002 will indicate that blue wave (ii) already is in place for a new test of 1.6203 and higher. As long as minor resistance at 1.6002 protects the upside, we will continue to look for a move slightly lower towards the ideal target at 1.5920 before blue wave (ii) is fianlly over.
Trading recommendation:
We will buy EUR at 1.5925 or upon a break above 1.6002 with stop placed at 1.5740.