Today's Support and Resistance levels:

R3: 1.6086

R2: 1.6068

R1: 1.6046

Current spot: 1.6024

S1: 1.6011

S2: 1.5987

S3: 1.5936

Technical summary:

The decline from the 1.6180 high does have impulsive structure, which indicates that red wave v lower is developing. However, a break below support at 1.5972 is needed to confirm that red wave v is well under way towards its ideal target near 1.5530. In the short term, we are looking for minor resistance at 1.6046 to protect the upside for a move lower towards at least 1.5987 and more likely even lower towards 1.5936 before a more serious correction should be expected.

Trading recommendation:

Stay short in EUR from 1.6175 and move your stop lower to 1.6075. If you are not short in EUR yet, then sell near 1.6046 with the same stop at 1.6075.