Today's Support and Resistance levels:
R3: 139.23
R2: 138.66
R1: 138.24
Current spot: 137.89
S1: 137.39
S2: 136.97
S3: 136.67
Technical summary:
We have finally seen a break below the base channel support line, which heralds acceleration lower. In the short term we will be looking for minor resistance at 138.32 to protect the upside for a continuation lower towards 136.67 as blue wave (iii) before blue wave (iv) takes over for a correction towards 137.93, and then the final blue wave (v) lower to 136.15 to end blue wave iii.
Trading recommendation:
Stay short from 141.80 and lower your stop to 138.95. If you are not short in EUR yet, then sell EUR near 137.93 with the same stop at 138.95.
