Today's support and resistance levels:
R3: 137.82
R2: 137.35
R1: 137.21
Current spot: 137.11
S1: 136.90
S2: 136.79
S3: 136.59
Technical summary:
Wave c of B higher to 137.82 is still unfolding. Once the B-wave correction is over near 137.82, then we should be looking for wave C lower to 130.73. Short term, I expect minor support at 136.79 and more importantly support at 136.59 will protect the downside for the final rally higher towards 137.82 before wave C takes over for the next impulsive decline.
Trading recommendation:
We will sell EUR at 137.70 with stop placed at 138.10
