Today’s Support and Resistance Levels:
S1: 100.14 R1: 100.85
S2: 99.78 R2: 101.16
S3: 99.63 R3: 101.43
Technical Overview:
With the test of 100.15 we have likely seen the low of the Triangles wave C. If this view is correct, we should see a break above 100.85 soon. And, more importantly, a break above 101.16 confirms the next move higher in wave D of the Triangle towards 101.84 and likely slightly above before we can expect wave E of the Triangle to set in.
At no point should we see a break below support at 99.63 as that would invalidate the triangle scenario and call for a deep decline towards 98.63.
Trading Recommendation:
You should be long EUR from 100.25 with stop at 99.60 and take profit at 101.85.
