Today's Support and Resistance levels:
R3: 1.6263
R2: 1.6233
R1: 1.6211
Current Spot:
1.6177
S1: 1.6120
S2: 1.6057
S3: 1.6017
Technical summary:
With a break above the minor resistance at 1.6136, we knew that blue wave iv would extend higher towards 1.6183 and possibly even to 1.6211, before blue wave v would be ready to take over for the final decline towards 1.5872, where we expect wave C of the large expanding flat correction, which began from 1.7153 in early August. However, a break below 1.6120 will confirm that blue wave iv is over and blue wave v lower is developing. At no point should we see a break above resistance at 1.6233, as that would indicate that wave C of the expanded flat correction is already in place.
Trading recommendation:
Stay short from 1.6130 with your stop and reverse at 1.6240. If you are not short in EUR, then sell near 1.6211 with the same stop and reverse at 1.6240.
