Today's Support and Resistance levels:

R3: 1.6542

R2: 1.6473

R1: 1.6407

Current Spot: 1.6392

S1: 1.6368

S2: 1.6329

S3: 1.6302

Technical summary:

We saw a attempt top break clearly above resistance at 1.6380, but it was not successful, instead we are seeing a consolidation just around this resistance, but it should only be a matter of time, before we will see the next rally higher. In the short term we will see a slight downside pressure as long as minor resistance at 1.6407 protects the upside, which could cause a move towards 1.6329, but from here or upon a break above 1.6407 the upside is open again for the next rally higher towards strong resistance at 1.6542.

Trading recommendation:

Stay long in EUR from 1.6275 and move your stop higher to 1.6255. If you are not long in EUR, buy near 1.6329 or upon a break above 1.6407 (one order done cancels the other), with the same stop at 1.6255.