Today's Support and Resistance levels:

R3: 134.84

R2: 134.15

R1: 133.70

Current Spot: 133.42

S1: 132.85

S2: 132.55

S3: 132.27

Technical summary:

We saw important resistance at 133.42 protecting the upside for one last decline closer to 132.20 (the final low came in at 132.37). Following the low at 132.37, we have seen a powerful rally and a break above important resistance at 133.42, which indicates that the final rally higher in wave c of v is developing. The ideal target for this wave v is at 137.05 and the absolute maximum for this rally is at 138.39 as wave iii can not be the shortest wave and that it will be the case if we see a break above 138.39.

In the short term we are looking for support at 133.11 to protect the downside for a break above 133.45 towards 133.70 and higher towards 134.15 and 134.75 on the way higher to 137.05.

Trading recommendation:

Stay long in EUR from 133.20 and lift your stop to 132.30. If you are not long in EUR already, then buy near 133.11 or upon a break above 133.45 with the same stop at 132.30.