Today's support and resistance levels:

R3: 1.5867

R2: 1.5846

R1: 1.5826

Current spot: 1.5808

S1: 1.5795

S2: 1.5774

S3: 1.5749

Technical summary:

The correction from 1.5867 became slightly deeper that expected (the low has been 1.5749). However, it does not change anything in the overall bullish picture and it should be a question of time before we will see a break above 1.5867 for a continuation higher to 1.5900 on the way towards 1.6200 and higher.

In the short term, we expected minor support at 1.5795 that will be able to protect the downside for a break above 1.5829 confiming the next rally higher to 1.5900 and beyond.

Trading recommendation:

We are long in EUR from 1.5710 and will keep our stop at 1.5695. If you are not long in EUR yet, then buy near 1.5795 with the same stop at 1.5695.