Today's support and resistance levels:
R3: 1.6263
R2: 1.6240
R1: 1.6211
Current spot: 1.6143
S1: 1.6133
S2: 1.6099
S3: 1.6055
Technical summary:
Red wave ii ended at 1.6003 (dangerous close to our stop at 1.6000). The rally of the 1.6003 low is clearly impulsive in character and after a small correction to 1.6099 the next impulsive rally higher towards 1.6498 should be seen. Only an unexpected decline below 1.6003 will invalidate the immediately bullish count and call for the alternative count, showing and expanded diagonal developing, but the odds for this possibility is very very low now.
Trading recommendation:
We are long in EUR from 1.6065 with stop placed at 1.6000. If you are not long in EUR yet, then buy near 1.6099 with the same stop at 1.6000.
The material has been provided by InstaForex Company - www.instaforex.com
