Today's Support and Resistance levels: R3: 1.6437 R2: 1.6368 R1: 1.6315 Current Spot: 1.6265 S1: 1.6222 S2: 1.6173 S3: 1.6089 Technical summary: Wave i ended earlier as we expected. We expected wave i to end near 1.6565, but it was obviously not the case. We are currently hoovering around the 50% retracement target of wave i, which comes in at 1.6263 and could see a deeper correction towards the 61.8% retracement target at 1.6222, this corrective target will ideally protect the downside, but we will have to remember that the second waves are allowed to correct 100% of the first wave, but it can never ever break below the starting point of wave i. In the short term it will take a break above 1.6296 and more importantly a break above 1.6315 to confirm that wave ii is over and wave iii is developing for a rally higher towards at least 1.6565 and possibly even higher. In the longer term we are looking for a rally above 1.7274. Trading recommendation: Stop at 1.6255 was hit for a small loss. Re-buy EUR upon a break above 1.6315 and place your stop at 1.6215.
