Today's support and resistance levels:
S1: 129.37 R1: 130.53
S2: 128.83 R2: 130.90
S3: 128.44 R3: 131.25
Technical overview:
With a test of 130.53, our ideal wave iii of 5 target at 130.90 has almost been hit. As long as minor support at 129.37 keeps protecting the downside, we should ideally see a move closer to our target, but we are very close to a top and a break below 129.37 would be the first indication, that wave iii of 5 is over and wave iv of 5 taking over. The first target for wave iv of 5 will be at 127.89. As wave ii of 5 was a very deep and had relatively simple structure, wave iv of 5 should be a complex and small correction, ideally it will be a triangle, but time will tell.
Trading recommendation:
We sold EUR at 130.25 yesterday with a stop at 131.25 and take profit at 128.50. If you do not have short positions on EUR already, then sell near 130.90 or upon a break below 129.37 with the same stop and take profit levels.