Today's Support and Resistance levels:
R3: 131.17
R2: 130.72
R1: 130.31
Current Spot: 130.10
S1: 129.81
S2: 129.59
S3: 128.89
Technical summary:
We are still in wave ii of c and we do expect it to move higher towards 131.17, where wave ii will have corrected 50% of wave i, but we would not be surprised to see a 61.8% correction of wave i, which would call for a rally towards 131.54, before wave iii takes over for a powerful decline. We will expect wave iii of c to be an extended wave and that would call for a decline towards 126.07 if a 50% correction turns out to be enough. In the short term a break above 130.31 will indicate, that wave c of the correction is under way towards 131.17 and maybe 131.54. Only a direct break below 129.59 will indicate, that wave iii is already has taken over.
Trading recommendation:
We are looking for EUR-selling opportunity. We will sell EUR at 131.10 or upon a break below 129.59 with a stop at 132.80.
