Today's support and resistance levels:
R3: 1.5706
R2: 1.5650
R1: 1.5627
Current spot: 1.5571
S1: 1.5536
S2: 1.5513
S3: 1.5485
Technical summary:
We have seen the first minor five wave rally from 1.5398. Now, we will be looking for a correction towards the 1.5485 - 1.5513 area, before the next impulsive rally higher towards at least 1.5850 and possibly even high.
The expected minor correction from the 1.5627 high will represent the optimal risk/reward entry for a very long time.
Trading recommendation:
Our profit target at 1.5625 was hit for a nice profit. We have placed a new EUR-buy order at 1.5525 with stop placed at 1.5395 if done.