Today's support and resistance levels:

R3: 1.5520

R2: 1.5501

R1: 1.5490

Current spot: 1.5488

S1: 1.5445

S2: 1.5438

S3: 1.5398

Technical summary:

The break above the resistance line is the first strong indication, that we have seen a firm bottom at 1.5398. That said, we still need more evidence to confirm the bottom. The next strong indication will be given, when we break above minor resistance at 1.5501 for a continuation higher to 1.5647. In the short run, we expect support at 1.5439 which will protect the downside for the break above 1.5501. However, second waves are allowed to correct all of the first wave. So, you should wait for a deeper correction, but it can not break below 1.5398 as it will invalidate the bullish count.

Trading recommendations:

We are long in EUR from 1.5425 with stop placed at 1.5385. If you are not long in EUR yet, the buy close to 1.5439 or upon a break above 1.5501 with the same stop at 1.5385.