Today's Support and Resistance levels:

R3: 1.6842

R2: 1.6790

R1: 1.6738

Current Spot: 1.6719

S1: 1.6693

S2: 1.6671

S3: 1.6652

Technical summary:

We should be in the very early parts of red wave iii higher. Red wave iii is most likely to become an extended wave and should at least reach 1.7326, but could well extend much further, only time will tell. In the short term we are looking for support at 1.6693 to protect the downside for a break above resistance at 1.6738 and, more importantly, a break above resistance at 1.6790, which will confirm the next powerful rally higher towards 1.7045. However, if support at 1.6693 should be broken, the downside should be limited and only a break below 1.6600 will invalidate our bullish count.

Trading recommendation:

We are long EUR from 1.6411 and will lift our stop to 1.6595. If you are not long EUR yet, then buy near 1.6693 or upon a break above 1.6738 with a stop at 1.6595 too.