Today's Support and Resistance levels:

R3: 1.6733

R2: 1.6673

R1: 1.6603

Current Spot: 1.6564

S1: 1.6552

S2: 1.6528

S1: 1.6496

Technical overview:

We are looking for a powerful rally to take off any time now. A clear break above 1.6603 opens up the upside for an impulsive rally higher towards 1.7364, where wave iii will be 1.618 times longer than wave i. However, this rally could become even more extended and rally higher towards 1.7929, but only time will tell. In the short term we are looking for a minor support at 1.6552 to protect the downside for the break above 1.6603, but even if we see a break below 1.6552 the downside should be limited and at no point should we break below 1.6476 as that would delay the expected rally higher.

Trading recommendation:

We are long EUR from 1.6625 with a stop at 1.6420. If you are not long EUR yet we recommend buy upon a break above 1.6603 with the same stop at 1.6420.