Today's Support and Resistance Levels:
R3: 133.37
R2: 133.17
R1: 132.64
Current Spot: 132.13
S1: 131.63
S2: 131.17
S1: 130.98
Technical Summary:
We are still looking for a bottom for this red wave ii and next impulsive rally higher towards 133.37 and higher towards 138.00. To confirm the bottom for red wave ii we need a break above 132.40 and more importantly a break above resistance at 132.64, that will confirm a new impulsive rally higher towards 133.37 on the way towards 138.00. However, as long as resistance at 132.64 protects the upside, we should stay flexible and after a deeper correction we will break below 131.63. A break below 131.63 will call for a move lower towards 131.37 and maybe even closer to 130.98, but that is less likely.
Trading recommendation:
If you are long in EUR, stay long with your stop at 130.95. If you are not long, then buy after a break above 132.64 with the same stop at 130.95.
