Today's Support and Resistance Levels:
S1: 101.17 R1: 101.52
S2: 100.90 R2: 101.68
S3: 100.71 R3: 101.91
Technical Overview:
Our Triangle scenario continues to work as it was expected. We reached the lower part of our target in the range 101.89 to 102.08 with the test of 101.91 on Friday. It could be entire wave D of the Triangle, but as the Triangle draws to its conclusion it becomes more difficult to separate the waves. However, if we break back above 101.51 we should see a move closer to the top of our range at 102.08. If we do not see a break above 101.51, but we will do it below 100.88, we could see wave E towards 100.55, which should prove to be a nice buying opportunity as we expect the Triangle to move towards the upside. Triangles always predict the last rally in the direction of the underlying trend, which means that once the Triangle has finished and we have seen a break towards the upside we know that there will be the last rally higher starting from 94.10.
Trading Recommendation:
We were long EUR from 100.25 and took profit on Friday at 101.85. Now we are looking to re-buy EUR. We will buy EUR at 100.65 or upon a break above 102.80.