Today's Support and Resistance Levels:
S1: 100.40 R1: 101.05
S2: 99.78 R2: 101.41
S3: 99.48 R3: 102.10
Technical Overview:
We saw the expected test of important resistance at 101.05, but unfortunately any breakthrough has not been seen yet. A break above resistance at 101.05 will indicate that the bottom is in place, and that wave 5 towards at least 104.54, and possibly even 105.69 is underway.
In the short term, breaking above resistance at 101.05 we should expect this rally to gain momentum. As long as 101.05 level has not been broken, we must accept a setback towards 100.41 and maybe even down to the 100.17 - 100.28 area before the next challenge of resistance at 101.05 is seen.
Trading Recommendation:
You should be long EUR from 100.20 and lift the stop to 99.60. If you are not long EUR already, then buy upon a break above 101.05 with the same stop.
