analytics597ad8e6ab705.png

Wave summary:

We continue to look for the final rally towards the ideal target at 133.34. A break above the resistance at 130.77 will confirm that the final leg higher is developing. Once the 133.34 target has been tested, we should start looking for a reversal lower.

That said, a break below minor support at 128.90 will be a warning that the top might be in place already for more downside pressure.

R3: 130.77

R2: 130.59

R1: 130.04

Pivot: 129.85

S1: 129.53

S2: 129.22

S3: 128.90

Trading recommendation:

We are long EUR from 129.75 with stop placed at 129.15. Take profit will be placed at 133.20.

The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com

Trade Forex, Commodities, Stocks and more, trade CFDs on the Plus 500 CFD trading platform! *CFD Service. 80.6% lose money - Register a real money account here and get trading right away.