Today's Support and Resistance levels:

R3: 1.6961

R2: 1.6921

R1: 1.6881

Current Spot: 1.6837

S1: 1.6781

S2: 1.6726

S3: 1.6678

Technical overview:

The wave 3 rally just keeps moving higher and higher. It is most likely we have ended green wave v and blue wave iii at 1.6687 and after a very small and brief blue wave iv we saw the next move higher in blue wave v, which when it ends near 1.6921 or maybe even first at 1.7053 only will end red wave iii. As we said trying to sell EUR looking for a deeper correction could easily leave you with a loss and no chance to get onboard the train higher again. In the short term we are looking for support at 1.6726 and 1.6678 to protected the downside for the rally higher towards 1.6921 and 1.6961 as the next small targets.

Trading recommendation:

We are long EUR from 1.5790 and will move our stop higher to 1.6550. If you are not long EUR yet then possible potential in this rally is deminising quickly, but we still recommends buying EUR near 1.6678 with the same stop at 1.6550.