Today's Support and Resistance levels:
R3: 138.93
R2: 138.88
R1: 138.83
Current spot: 138.81
S1: 138.52
S2: 138.32
S3: 138.15
Technical summary:
The decline from the 139.28 high does look impulsive, but we will still like the final confirmation in the form of a break below support at 138.54, confirming a new decline to 137.70 on the way lower towards 135.23 and maybe even lower. As long as support at 138.54 protects the downside, we can not really exclude a new rally towards the upside, but the odds of a new high above 139.28 is very slime and we expect that minor resistance at 138.93 will protect the upside in case of a rally.
Trading Receommendation:
We sold EUR at 138.95 and placed stop at 139.35. If you are not short EUR yet, then sell near 138.93 or upon a break below support at 138.54 with the same stop.
