Today's Support and Resistance Levels:

R3: 1.6178

R2: 1.6058

R1: 1.6028

Current Spot: 1.5999

S1: 1.5980

S2: 1.5960

S3: 1.5935

Technical Summary:

Yesterday, we saw something like a roller coaster ride. Important short-term resistance at 1.6112 was broken. That could indicate that we saw a fifth wave failure at 1.5869. The fifth wave failures are especially difficult to handle, because you can not know for sure if it was a fifth wave failure before the previous wave four is exceeded, which in this case will be a break above resistance at 1.6285. However, we will get a good indication if we were able to see a break above resistance at 1.6202, but we have not seen that yet. So, both possibilities are open.

A break below 1.5869 is needed to dismiss the fifth wave failure, for a continuation lower towards 1.5765 and possibly lower towards 1.5653. No matter what we are doing right now, the stop will be far away.

Trading Recommendation:

Our stop and reverse was hit at 1.6125. We will place our stop at 1.5865. If you have no position at this time only buy EUR upon a break above 1.6202.