Today's Support and Resistance levels:
R3: 133.49
R2: 133.21
R1: 132.69
Current Spot: 132.32
S1: 132.13
S2: 131.89
S3: 131.42
Technical summary:
We are more or less trading sideways currently. We are still looking for evidence in the form of a break above 133.49 and more importantly a break above 134.00 to confirm that wave iii higher is developing. Until the break above 133.49 is seen, we have to respect the possibility of more sideways trading. However, we have to be aware that a break below 131.42 will be very frustrating to our overall bullish picture and could delay the upside for a considerable downside pressure, as that would indicate, that the correction from the May 22 high at 133.81 is not over yet.
Trading recommendation:
Stay long from 132.65 with your stop at 131.40. If you are not long in EUR yet, buy after a break above 132.69 with the same stop at 131.40.
