Today's Support and Resistance levels:
R3: 133.21
R2: 132.69
R1: 132.17
Current Spot: 131.88
S1: 131.42
S2: 130.96
S3: 130.57
Technical summary:
The pair continues to trade around the triangle resistance line. However, the important support at 131.42 is still intact and should continue to hold for a break above minor resistance at 132.17 and more importantly a break above 132.69, which confirms a new rally towards 133.48 and higher towards 134.95 and 137.45. It indicates that we have to be aware that a break below the important support at 131.42 will be very frustrating to our overall bullish picture and will call for the possibility of considerable downside pressure and indicate that the correction from the May 22 high at 133.81 is not over yet.
Trading recommendation:
Stay long in EUR with a stop at 131.40. If you are not long in EUR yet, then buy upon a break above 132.17 with the same stop at 131.40.
