Today's Support and Resistance levels:

R3: 1.6018

R2: 1.5992

R1: 1.5975

Current spot: 1.5959

S1: 1.5920

S2: 1.5837

S3: 1.5766

Technical summary:

With the break below support at 1.5975, the battle between the bulls and the bears was decided and the bears won. We should now see support at 1.5975 to protect the upside for a continuation lower towards 1.5766 and lower towards 1.5653 as the most likely downside target. We could still see a move closer to 1.5566 if red wave v extends, but at this point it is less likely. Only a break above 1.6113 will indicate that a bottom is already in place.

Trading receommendation:

Stay short in EUR from 1.6195 and move your stop lower to 1.6050 and place take profit and revers of the position at 1.5785.