Today's Support and Resistance Levels:
S1: 101.55 R1: 102.39
S2: 101.08 R2: 102.84
S3: 100.53 R3: 103.63
Technical Overview:
Black wave 4 is in progress and should soon test the first correction target at 101.55, which is the 23.8% corrective target of black wave 3. However, we would not be overly surprised if the correction from the 103.85 extends down towards the next corrective target at 100.13. The only thing we know for sure is that it will not be in a straight line. So one we close the 23.8% correction target, we should expect some kind of a bounce. It is still too early to tell about the shape of the correction as it could still be a triangle or a combination of three wave correction. We just have to follow closely the price-action and try to decipher the current situation.
Trading Recommendation:
You should be short EUR from 103.35. Move your stop lower to 102.55 and move your take profit to 101.75. You will get the profit no matter what the outcome will be.
