Today's Support and Resistance levels: R3: 135.24 R2: 134.73 R1: 134.20 Current Spot: 134.14 S1: 134.05 S2: 133.87 S3: 133.44 Technical summary: As long as minor resistance at 134.20 protects the upside, we will be looking for one last spike lower towards support at 133.87; from where we should see the final rally higher to finish red wave iii near at least 135.24 and maybe higher to 136.05 before red wave iv takes over for a new correction lower. Depending on whether red wave iii finishes at 133.96 or 136.05 we should be looking for a correction towards 134.50 or maybe even deeper towards 133.96, but we should be able to say more, when we know where red wave iii ends. In the long term we are looking for a rally higher to 137.45 as the ideal target for black wave iii. Trading recommendation: Stay long EUR from 132.60 and keep your stop at 132.90 for now. Upon a break above 134.70 move you stop higher to 133.60. If you are not long EUR yet, then buy close to support at 133.87 with the same stop at 132.90.
