Today's Support and Resistance Levels:
S1: 112.14 R1: 113.15
S2: 111.46 R2: 113.76
S3: 111.06 R3: 114.90
Technical Overview:
With the break above the minor resistance at 111.51, we knew that the correction from 112.49 was over and a new test of this high was developing. We have already exceeded the high at 112.49 slightly, but there still remains a minor risk that we are in an expanded flat correction. However, instead of looking for the risk scenario, we think the main focus should be on the next possible target for the ongoing uptrend. The next target for this uptrend is at 113.15 and more importantly at 113.76, which could potentially mark the top of wave 3. Short-term support will be found at 112.14 and again at 111.48.
Trading recommendation:
We are long EUR from 106.75 and will lift our stop higher to 110.60. If you are not long EUR already, then buy at 111.60 with the same stop.
