Today's Support and Resistance levels:
S1: 128.41 R1: 128.94
S2: 128.04 R2: 129.73
S3: 127.58 R3: 131.12
Technical overview:
We are grinding slowly higher, but the rise from 126.43 is nowhere close to have impulsive characteristics. At this point only a break above 129.73 will release some more bullish upside pressure for one last rally to just above 131.12 before wave 5 finally find its top. On the other hand, a break below 127.58 will give us another lower high and the risk of wave 5 already being in place at 131.12 increases dramaticaly. That said, it will take a break below 126.43 to confirm this lower high and a continuation down towards 124.87.
Trading recommendation:
We are still looking for an opportunity to sell EUR. We will sell EUR at 131.00 or upon a break below 127.58 with stop at 132.00.
