Today's Support and Resistance levels:
R3: 134.59
R2: 134.30
R1: 134.00 - Ideal target for red wave v
Current Spot: 133.59
S1: 133.35 - Important support. A break below here indicates that wave i of iii is done.
S2: 133.03
S3: 132.79
Technical summary
Red wave iv ended early and only corrected 23.6% of red wave iii. Ideally red wave v will end near 134.00 and that would at the same time end wave i of iii. Once this first wave of wave iii is in place wave ii of iii will ideally take us lower towards 132.56 and possibly even lower towards 132.22 before the next rally higher.
In the short term we expect important support at 133.35 to protect the downside for the test of the red wave v target near 134.00. However, a premature break below 133.35 indicates that red wave v is already in place and wave ii of iii is developing.
Trading recommendation:
Stay long from 133.56 with your stop at 133.33. Upon a break above 133.63 move your stop higher to 133.42. Place your take profit and sell EUR at 133.95.