Today's Support and Resistance levels:

R3: 139.14

R2: 138.84

R1: 138.66

Current spot: 138.49

S1: 138.29

S2: 138.12

S3: 137.70

Technical summary:

We have been looking for a triangle building in this cross, but something is simply wrong with this count. So we have been back to the drawing board looking at the possibilities and having a new preferred count.

This count shows that we are well under way in wave C. Wave B ended at 143.79, wave 1 ended at 140.44 and was followed by an expanded flat correction in wave 2 to 143.47. From 143.47 we saw wave 3 declining to 161.8% of the wave 1 target at 138.06 and wave 4 corrected a perfect 50% of wave 3. Since the wave 4 high at 140.08, we have seen wave i of 5 lower to 137.72 and an minor expanded flat is unfolding as wave ii of 5, and we should soon see wave iii of 5 lower towards 134.67.

I am sorry for the conflicting counts in this cross, but when I detect a mis-count, we always will do anything to correct as soon as possible.

Trading receommendation:

We where long in EUR from 138.40 and will close this position and place a EUR sell order at 138.15 with stop at 138.95.