Today's Support and Resistance levels:
R3: 1.5728
R2: 1.5682
R1: 1.5631
Current spot: 1.5578
S1: 1.5566
S2: 1.5507
S3: 1.5455
Technical summary:
We would normally expect a more complex blue wave iv, but the break below 1.5629 could be an indication that blue wave iv became very small and ended already at 1.5688. However, to confirm that blue wave iv is over, we still need a break below support at 1.5566. As long as support at 1.5566 stays untouched, we still believe a more complex blue wave iv correction will be unfolding for a new rally just above 1.5688, but a break below support at 1.5566 will indicate that blue wave iv ended early for a continuation lower in blue wave v towards 1.5447.
Trading recommendation:
Stay neutral and await a more attractive entry level.