Today's Support and Resistance levels:

R3: 142.90

R2: 142.64

R1: 142.42

Current spot: 142.17

S1: 141.88

S2: 141.46

S3: 141.03

Technical summary:

The failure to break below 140.92 followed by a break above 141.85 is quite a surprise and has opened up for a much more complex correction. We will look for resistance at 142.64, but the possibility for a break above resistance at 142.90 as long as support at 141.78 to protect the downside has become much more likely. That said, we will be looking for a possible top at 142.64 to end red wave ii for a decline below 141.78. A break below 141.78 will confirm that red wave ii is in place for a new impulsive decline. However, the risk is a break above 142.90, which will prolong black wave ii for a move closer to 143.17, before the black wave ii correction is finished.

Trading recommendation:

Stay short in EUR from 141.85 with your stop at 142.90. If you are not short in EUR yet, then sell upon a break below 141.78 with the same stop at 142.90.