Today's Support and Resistance levels:

R3: 1.6348

R2: 1.6263

R1: 1.6193

Current Spot: 1.6161

S1: 1.6111

S2: 1.6073

S3: 1.6011

Technical summary:

As long as resistance at 1.6263 and, more importantly, as long as important short-term resistance at 1.6348 protects the upside we should be expecting a move lower towards 1.6011, as the next downside target. Over the last 10 days we have seen a massive bullish divergence building, which is a warning, that the wave C decline of this expanded flat correction is losing momentum almost by the minute. However, to confirm this loss we need a break above 1.6263 and, more importantly, a break above 1.6348. A break above the later will confirm a new rally higher towards 1.7273 and even higher in the long term.

Trading recommendation:

Wait till the market confirms that wave C is over before buying EUR. Buy only a break above 1.6348, therefore place a buy order at 1.6350.