Today's Support and Resistance levels:
R3: 139.35
R2: 139.07
R1: 138.76
Current spot: 138.74
S1: 138.57
S2: 138.26
S3: 137.92
Technical summary:
We did see a break below support at 138.40 for a decline to 138.26, but the failure to follow through towards the downside and it is back to resistance at 138.76. As long as resistance at 138.76 protects the upside, we could still see an immediate break below support at 138.26 for a new decline below support at 137.72 for a decline to 136.23. However, a break above 138.76 will open up the upside for a move closer to 139.18 before down.
Trading recommendation:
We are short in EUR from 138.55 with stop placed at 139.55. If you are not short in EUR yet, then sell upon a break below 138.26 with stop at 139.55.
