Today's support and resistance levels:
S1: 125.73 R1: 126.83
S2: 125.30 R2: 127.70
S3: 124.65 R3: 128.98
Technical overview:
We still expect short-term support at 125.73 to protect the downside for a break above minor resistance at 126.83, which will confirm a new rally higher towards 127.70 and higher towards the next strong resistance target at 128.98. However, we are fast closing in on the possible top for wave 3 and should be careful about our expectations for this ongoing uptrend. In the short term, a break below 125.73 will be the first indication that wave 3 has topped, but it will take a break below 124.01 to confirm the top and that wave 4 has taken over.
Trading recommendation:
We are looking for a possible top any time now, but for a short-term low risk opportunity we will buy EUR here at 126.10 with a stop+revers at 125.65. Take profit+revers will be placed at 128.85
