Today's Support and Resistance levels:
R3: 134.84
R2: 134.15
R1: 133.42
Current Spot: 132.94
S1: 132.60
S2: 132.44
S3: 132.20
Technical summary:
The pair has been trading in a narrow range between 132.60 and 133.42 since yesterday, and we need a break above 133.42 to confirm that wave b is over and wave c is ready to take us higher towards 137.69 and maximum 138.39. However, as long as important resistance at 133.42 protects the upside, we still could see the wave b move lower towards 132.20 before wave b is finally over and wave c is ready to take over.
Only a direct break below 131.12 will indicate that we has seen the important top of wave v already and that a correction towards 124.89 is developing.
Trading recommendation:
Stay long in EUR from 133.20 with your stop at 131.10. If you are not long in EUR yet, buy after a break above 133.42 with the same stop at 131.10.
