Today's Support and Resistance levels:

R3: 1.6083

R2: 1.5972

R1: 1.5905

Current spot: 1.5873

S1: 1.5859

S2: 1.5830

S3: 1.5804

Technical summary:

We are still looking for strong evidence that the long-term decline from 1.7274 is over and that a new major rally is developing. In the short term we would like to see support at 1.5830 to protect the downside for a break above minor resistance at 1.5910, and more importantly, a break above resistance at 1.6179. As long as minor resistance at 1.5910 protects the upside, we could see a slightly deeper correction towards 1.5804, but at no point should we see a break below 1.5730 as that would delay for a move closer to 1.5653 before the bottom is in place.

Trading recommendation:

Stay long in EUR from 1.5858 and keep your stop at 1.5575 expecting to be able to move it higher soon. If you are not long in EUR yet, then buy EUR near 1.5830 or upon a break above 1.5910 with the same stop at 1.5575.