Today's Support and Resistance Levels:
Support Resistance
1: 1.5311 1: 1.5410
2: 1.5245 2: 1.5505
3: 1.5200 3: 1.5602
Technical Overview:
We still cannot say with any real confidence whether we have seen a bottom of the decline from 1.6969 at the 1.5311 low or we need one more decline into the 1.5205 - 1.5245 target window. A break below 1.5311 will call for one last move lower, while a direct break above 1.5410 will indicate that the bottom is already in place, while a break above 1.5505 will confirm the bottom for a rally towards the 1.5808 - 1.5885 area.
Trading Recommendations:
We are looking for a EUR-buying opportunity as we either have seen the bottom or should be very close to the bottom. We recommend buying EUR at 1.5250 or at 1.5425 - one cancels the other. Stop should be placed at 1.5225.