Today's Support and Resistance levels:

R3: 130.88

R2: 130.36

R1: 129.98

Current Spot: 129.52

S1: 129.18

S2: 128.58

S3: 128.21

Technical overview:

With a low at 126.11 we saw a very slight break below our target at 126.15, but the following rally has broken above the bottom of wave i at 129.41 and, therefore it cannot be wave iv of c. Therefore, we have changed our count slightly to a finished wave c and W at 126.11 and we are now in a X-wave towards 130.36 and possibly even 130.88 before the next decline towards our major wave 2 target near 118.73. In the short term we are looking for support in the 129.10 - 129.20 range for the rally higher to 130.36 and possibly even 130.88 before the next decline sets in. A break below 128.79 confirms that the X-wave is over and the second zig-zag correction has begun.

Trading recommendation:

Our stop at 129.45 was hit for yet another nice little profit. We are now looking to re-sale EUR at 130.75 or upon a break below 128.58 with a stop at 131.45.