The expected decline towards 108.16 is unfolding nicely. Short term, we expect minor resistance at 112.50 will protect the upside for a break below minor support at 110.92 calling for the next part of the decline towards 108.16.
Once the 108.16 target has been tested a new corrective rally is expected before the final decline to the ideal long term corrective target at 106.03.
Trading recommendation:
Stay short with stop placed at 112.75 securing a porfit no matter what happens. If you are not short EUR yet, then sell near 112.50 using the same stop. Place take profit at 108.25.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
The expected decline towards 108.16 is unfolding nicely. Short term, we expect minor resistance at 112.50 will protect the upside for a break below minor support at 110.92 calling for the next part of the decline towards 108.16.
Once the 108.16 target has been tested a new corrective rally is expected before the final decline to the ideal long term corrective target at 106.03.
Trading recommendation:
Stay short with stop placed at 112.75 securing a porfit no matter what happens. If you are not short EUR yet, then sell near 112.50 using the same stop. Place take profit at 108.25.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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