Today's Support and Resistance levels:

R3: 1.6750

R2: 1.6688

R1: 1.6615

Current Spot: 1.6586

S1: 1.6550

S2: 1.6508

S2: 1.6470

Technical summary:

We have seen the expected rally above minor resistance at 1.6556 indicating that green wave ii ended at 1.6470 and that green wave iii is developing. In the short term we would like to see support at 1.6550 protecting the downside for a break above 1.6615 and more importantly a break above 1.6750, which will confirm that green wave iii is indeed developing for a rally towards at least 1.7239 and likely even higher.

Only a break below 1.6470 will be of concern and could add considerable downside pressure.

Trading recommendation:

Stay long from 1.6520 with a stop at 1.6465. If you are not long in EUR yet, then buy after a break above 1.6615 with the same stop at 1.6465.