Today's Support and Resistance levels:
R3: 131.98
R2: 131.74
R1: 131.52
Current Spot: 131.43
S1: 131.24
S2: 130.80
S3: 130.39
Technical summary:
Currently, the price of the pair is developing the final e-wave of the symmetric triangle. We expect wave e to fall towards 130.18 and, maybe, even lower towards 129.61 before next powerful rally starts. A break above 131.98 will be the first good indication of the finish of the triangle and the beginning of next impulsive upward wave, while a break above 132.30 will confirm next rally towards 139.21.
Looking at the larger picture (see the chart below) this triangle represents a B-wave triangle and the coming rally will be the C wave of a major zig-zag correction, which has begun at 94.10. The ideal target for wave C of the zig-zag will be at 170.00.
Trading recommendation:
Look to buy EUR at 130.25 or after a break above 131.98 (one order is done it cancels another). Stop should be placed at 127.85
