Today's Support and Resistance levels:
R3: 140.08
R2: 139.75
R1: 139.46
Current spot: 139.02
S1: 138.97
S2: 138.67
S3: 138.45
Technical summary:
Blue wave ii became slightly deeper than expected as it touched 138.97, but we think blue wave ii is over and will be looking for a break above minor resistance at 139.46 as the first good indication that blue wave iii is developing for a rally towards 141.10 as wave (c) of the on-going triangle consolidation.
If minor resistance at 139.46 protects the upside for a break below 138.97, the downside sould be limited to 138.70 before the next rally higher.
Trading receommendation:
We are long in EUR at 139.39 with stop placed at 138.60 and take profit at 141.50. If you are not long in EUR yet, then buy upon a break above 139.46 with a stop at 138.90.
