Today’s Support and Resistance Levels:
S1: 102.48 R1: 103.05
S2: 102.17 R2: 103.26
S3: 101.45 R3: 103.45
Technical Overview:
The trendline support from the 94.10 low protected the downside yesterday. After a correction towards 103.26 we should see a new attempt to break below this trendline support. The next attempt should prove to be successful and cause a powerful decline towards 101.45 and likely even 101.04.
The risk that the scenario is bearish may reveal when a break above 103.34 and more importantly 103.99 is seen. It is likely to cause a rally to new highs closer to 104.75.
Trading Recommendation:
You should be short EUR from 104.50 with a stop at 103.40. If you are not short EUR already you should sell at 103.20 with the same stop.
