Short-term resistance at 140.55 protected the upside for another dip to below minor support at 139.65, which is prolonging the triangle. We do expect support at 138.87 will stay untouched for another minor run closer to 140.55 and then likely a second dip before the triangle could be considered complete.
Only a clear break above minor resistance at 140.55 will indicate that the triangle already has completed and a new impulsive rally towards 144.58 is developing.
R3: 140.74
R2: 140.55
R1: 140.12
Pivot: 139.65
S1: 139.27
S2: 138.87
S3: 138.56
Trading recommendation:
We are long EUR at 140.12 with our stop placed at 138.75.
