Today's Support and Resistance levels:
R3: 140.58
R2: 140.15
R1: 139.63
Current spot: 138.98
S1: 138.77
S2: 138.17
S3: 137.38
Technical summary:
We are still looking for a short-term correction towards the 139.63 - 139.88 area before the next decline towards 137.01 to end red wave iii. As red wave ii was a deep correction, that corrected most of red wave i we should expect a sideways consolidation as red wave iv.
In the longer term we are still looking for a deeper correction of the rally from 94.10 to 145.69, with the ideal corrective target coming in near 126.00.
Trading recommendation:
Stay short in EUR from 140.95 with a stop at 139.95. If you are not short in EUR yet, then sell in the 139.63 - 139.88 area with the same stop at 139.95.
