The price is testing major resistance at 1.1846 (multiple Fibonacci extensions, horizontal swing high resistance) and we expect to see an intermediate correction for a drop towards 1.1764 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is seeing strong resistance below our 98% level where we expect a drop from too.
Correlation analysis: We are expecting EUR weakness with strong resistance seen on EUR/USD and EUR/JPY.
Sell below 1.1846. Stop loss is at 1.1880. Take profit is at 1.1764.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
The price is testing major resistance at 1.1846 (multiple Fibonacci extensions, horizontal swing high resistance) and we expect to see an intermediate correction for a drop towards 1.1764 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is seeing strong resistance below our 98% level where we expect a drop from too.
Correlation analysis: We are expecting EUR weakness with strong resistance seen on EUR/USD and EUR/JPY.
Sell below 1.1846. Stop loss is at 1.1880. Take profit is at 1.1764.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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