Today's Support and Resistance levels:
R3: 1.6488
R2: 1.6422
R1: 1.6320
Current spot: 1.6267
S1: 1.6228
S2: 1.6114
S3: 1.6035
Technical summary:
The break above resistance at 1.6294 has forced us to a new short-term count, but our overall bearish expectations are still intact. However, the break above 1.6294 has also opened up more possible counts and the one above is our preferred one. For this count to stay valid, the resistance at 1.6422 may not be broken.
We are currently looking for a break below 1.6228 to confirm that blue wave ii is over and that blue wave iii lower towards at least 1.5812 is developing. In the long term we are looking for wave A and the ongoing C wave to be equal in length, which would call for a wave C target at 1.5525.
Trading recommendation:
Our stop at 1.6245 was hit for a loss. We will re-sell EUR upon a break below 1.6228 and place our stop at 1.6425.