Today's Support and Resistance Levels:
S1: 119.85 R1: 120.82
S2: 119.35 R2: 121.20
S3: 118.60 R3: 121.83
Technical Overview:
With the clear break above 119.50, we should focus on the next target for wave v of 3, which will be in the area of 121.18 - 121.34. As we are getting close to the possible top of wave 3 we should also be careful not to think, that this rally will just keep on going higher and higher, and therefore we should protect our profit with close stops. The first warning, that we have seen the top of wave 3 will be a break below 118.57 and, more importantly, a break below 117.63 which will call for a flat correction in wave 4 down to at least 115.99 and more likely down to 113.55. But for now, we should stay focused towards the upside for a move higher towards the ideal target area between 121.18 - 121.34.
Trading Recommendation:
We are long EUR from 114.65 and will lift our stop higher to 117.60 and will take profit at 121.15.
