Today's Support and Resistance levels:

R3: 1.6504

R2: 1.6418

R1: 1.6353

Current Spot: 1.6300

S1: 1.6264

S2: 1.6219

S3: 1.6200

Technical summary:

It is not quite clear whether wave ii ended at 1.6219 or that just was wave a of ii. We do favor the scenario, where wave ii did end at 1.6219, but we will have to stay flexible. If we only have seen wave a at 1.6219, then wave b of ii took us to 1.6418 and wave c of ii is currently unfolding for a move lower towards 1.6200, before wave iii takes over for a rally higher, at least, to 1.6776. Only a direct break above 1.6353 and more importantly a break above 1.6418 will confirm that wave iii is developing for the rally towards 1.6776 and higher towards 1.7274 in the longer term.

Trading recommendation:

Stay long in EUR from 1.6315 and move you stop to 1.6175. If you are not long in EUR yet, then buy at 1.6220 or upon a break above 1.6353 with the same stop at 1.6175.