Today's Support and Resistance Levels: 

S1: 103.59                   R1: 103.93

S2: 103.28                   R2: 104.09

S3: 102.98                   R3: 104.20

Technical Overview:

As it was expected we saw the decline from 104.59 having difficulties at the strong support at 103.15. However, we observed a small break below this support, which indicates that we saw indeed an important top at 104.59. From the top we have seen the first small impulsive (5 waves) decline to 103.28, which we have marked was wave i. Wave ii, which is an expanding flat correction, will likely reach resistance in the 104.10 - 104.20 area, here a powerful decline in wave iii should be seen. After an expanded flat correction the next wave up or down will be extending. Therefore, we should look for a very powerful and almost vertical decline in wave iii. It seems probable that 101.45 is target for wave iii down.

Trading Recommendation:

You should be short EUR from 104.50. Move you stop down from 105.50 to 104.65 leaving you with almost no risk. If you are not short EUR already sell EUR at 104.00 with the same stop.