Today's Support and Resistance Levels:

Support                         Resistance
1: 97.39                         1: 98.19
2: 97.02                         2: 98.69
3: 96.36                         3: 99.09

Technical Overview:
The break below the support level of 98.30 has added confidence in the view, that wave 5 down is well under way. The ideal target for this wave 5 is near 94.58.
Looking at the sub-waves we most likely ended the blue wave iii at 97.44 (just a few pips above the 97.38 - 97.41 target-area) and should see the blue wave iv lift us towards the 98.23 - 98.30 area with a slight possibility for a larger correction towards the 98.72 - 99.12 (the possibility for a slightly larger correction is not the preferred scenario) before the blue wave v take us down towards at least to 96.69 and likely to 95.62.
At no point should we see a break above 99.81 as that will leave us with an overlap between the blue wave i and the blue wave iv, which is not allowed under the Elliott Wave Principle.

Trading Recommendations:
You should be short from 99.55 and move stop to break-even. Keep the take-profit level at 95.85. If you are not short already, then wait for the correction back towards the 98.23 - 98.30 area before shorting EUR with the same stop-loss and take-profit levels.

Performed by Analytical expert: Torben Melsted
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