We continue to look for a break below the minor support line near 113.96 as the trigger for a decline towards 108.17. This decline will be confirmed by a break below support at 113.31.
In the larger picture, we are coming to a long-term corrective low, but still need a few more waves to build before the bottom finally is in place and a new long-term impulsive rally can begin.
Trading recommendation:
Sell a break below 113.96 and place stop just 5 pips above the most recent top. Place take profit at 108.25.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
We continue to look for a break below the minor support line near 113.96 as the trigger for a decline towards 108.17. This decline will be confirmed by a break below support at 113.31.
In the larger picture, we are coming to a long-term corrective low, but still need a few more waves to build before the bottom finally is in place and a new long-term impulsive rally can begin.
Trading recommendation:
Sell a break below 113.96 and place stop just 5 pips above the most recent top. Place take profit at 108.25.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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