Today's Support and Resistance levels:
S1: 130.21 R1: 130.80
S2: 129.54 R2: 131.12
S3: 128.95 R3: 131.28
Technical overview:
We have seen a slow continuation higher and with the break above 129.73 we should see a new high above the former top at 131.12. That said, we do not expect that this possible new top we cover much new ground and could well stall already at 131.28. In short term we expect a minor set-back towards 129.48 before the last rally higher to the ideal target at 131.28. However, we are fast closing in on the top of the entire rally from 94.10 and we will continue to look for signs that this rally is over and a big correction in wave 2 sets in either from 131.28 or upon a break below 128.78.
Trading recommendation:
We are still looking for a EUR selling opportunity and will sell EUR at 131.00 or upon a break below 128.78 with a stop at 132.00
