Today's Support and Resistance Levels:
S1: 101.55 R1: 102.08
S2: 101.11 R2: 102.55
S3: 100.93 R3: 102.97
Technical Overview:
The bottom of blue wave iv could be in place with the test of 101.11, but if that is the case, we should soon see a break back above minor resistance at 102.08 calling for a continuation higher towards the resistance at 102.80 and at 103.85 as the ideal target for blue wave v is placed at 104.41. Ideally, minor support at 101.34 will protect the downside for the break above resistance at 102.08. However, if we break back below 101.34, the correction from 102.80 is not over yet.
Even though we expect one last rally to finish the entire impulsive rally from 94.10. We have to remember that we are near the last part of this rally and, therefore, we should begin to prepare ourselves for the biggest correction since this rally started.
Trading Recommendation:
You should be long EUR from 100.20 with a stop at 100.70 and take profit at 104.25. If you are not long EUR already, you could buy a break above 102.08 with the same stop.
