The downtrend from the 1.7929 peak continues to push lower towards support at 1.6555 and possibly even closer to support at 1.6515, but once we enter the support-zone between 1.6515 - 1.6555 the potential downside should be limited.
That said, it will take a break above minor resistance at 1.6706 to indicate that a low finally is in place and a corrective rally towards at least 1.7085 is developing.
R3: 1.6789
R2: 1.6730
R1: 1.6706
Pivot: 1.6688
S1: 1.6600
S2: 1.6555
S2: 1.6515
Trading recommendation:
We will buy EUR at 1.6525 or upon a break above 1.6706.
The material has been provided by InstaForex Company - www.instaforex.com