Today's Support and Resistance levels:
R3: 132.74
R2: 132.05
R1: 131.44
Current Spot: 131.28
S1: 131.09
S2: 130.76
S3: 130.28
Technical overview:
Minor support at 131.37 was broken too and is yet an other sign of weakness. We still need a break below support at 130.76 to confirm, that wave b has finished and wave c is taken over for an impulsive decline towards at least 124.96 and possibly even lower. In the short term we will find resistance at 131.44 and, more importantly, at 132.05 and only a break above the later will ease the downside pressure and call for a new rally higher towards 132.74 and maybe even 133.81, but that option seems as a low odds possibility. Therefore, we should be prepared for a break below support at 130.76 rather than a move higher.
Trading recommendation:
We are looking for a EUR-selling opportunity and will sell EUR upon a break below 130.76 or at 133.20 (one order done, cancels the other).
