Todays Support and Resistance Levels:
S1: 1.5928 R1: 1.5987
S2: 1.5905 R2: 1.6061
S3: 1.5872 R3: 1.6127
Technical Overview:
Resistance at 1.5987 continues to protect the upside. It is a bit worrying. The minor rise from 1.5905 has become very slow with a lot of overlaps. It is normal for a correction but not for a start of a new impulsive rally. Therefore, now we need a quick and powerful break above resistance at 1.5987 to gain trust again that blue wave iii has indeed started. However, if we see this clear break above 1.5987 a quick rally higher towards 1.6061 and likely also 1.6127 should be seen. However, there is risk that a break below 1.5934 and more importantly 1.5905, which will call for a more complex correction developing in blue wave ii will take place. It will take a break below 1.5788 to confirm that black wave ii is still ongoing and is turning into a more complex expanding flat correction.
Trading Recommendation:
You should be long EUR from 1.5725. Lift you stop to 1.5900 to protect most of your profit. If you are not long EUR already you should buy a clear break above 1.5987, say at 1.6000 with the same stop.