Today's Support and Resistance Levels:
S1: 1.5923 R1: 1.5981
S2: 1.5891 R2: 1.6061
S3: 1.5831 R3: 1.6127
Technical Overview:
The blue wave ii correction should be over soon and we should be looking for a break above 1.5987; it is the confirmation of it. Once resistance at 1.5987 is broken we should see the next rally higher towards 1.6127 and 1.6215. It is likely to be the most powerful part of it. However, in the long term we should look for much higher levels as we should expect this wave 3 higher from 1.5453 to extend, and therefore take us up to 1.6967. Of cause this rally will not be in a straight line. There seems to be some doubts as to we will observe reversals along the way, but we consider the roadmap is pretty much in place.
If we see a break below 1.5923 it does not alter the overall picture. Only a break below 1.5788 will do that. A break below 1.5788 will call for a more complex correction development.
Trading Recommendation:
You should be long EUR from 1.5725 with a stop at 1.5860. If you are not long EUR already you should buy at 1.5925 with the same stop.