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Today's Support and Resistance Levels:
S1: 107.06 R1: 107.30
S2: 106.87 R2: 107.49
S3: 106.77 R3: 107.75
Technical Overview:
With the break above the top at 107.13 we have two possible scenarios. The bearish one is when an expanded flat correction is building. The bullish scenario is when wave iii is already under way. If we look at an expanded flat correction we will see a rally higher towards the 107.75 - 107.77 area, from where a powerful decline should set in for a move down to 104.66. However, if wave iii has indeed begun, then resistance at 107.77 will not see obstacles to break for a continuation higher towards 108.66 and even higher in the long term. As the risk is being in wave iii we will rather take the risk than missing the most powerful rally in an impulsive sequence.
Trading Recommendation:
We have just described two possible scenarios, but as we also just said we are not going to risk participating in the most powerful part of an impulsive rally. Therefore, we will buy EUR here at 107.20 with a stop at 106.20. A break below 106.20 will confirm that we are in an expanded flat correction.
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