Today's Support and Resistance levels:

R3: 1.6239

R2: 1.6183

R1: 1.6136

Current Spot: 1.6068

S1: 1.6017

S2: 1.5945

S3: 1.5872

Technical summary:

We have seen the expected decline towards 1.6018 (the low has been at 1.6017). After a minor consolidation in the 1.6017 - 1.6136 area, we should see the next decline towards 1.5945 and the ideal target for this C-wave at 1.5872, from where we expect the next major impulsive rally higher towards 1.6515 and higher towards 1.7274.

Short-term minor resistance at 1.6136 will ideally protect the upside for the next decline, but a break above 1.6136 will delay the downside pressure for a move closer to 1.6211 before downward move starts again. At no point, we should trade above 1.6233, as that would indicate that an important low is already in place.

Trading recommendation:

Stay short from 1.6255 and move lower your stop to 1.6140. Keep you take profit and reverse a short EUR-position to a long EUR-position at 1.5890.