There was no time for a deeper correction in wave iv. With the clear break above minor resistance seen at 129.09 wave v higher towards at least 131.11 is well under way. Short-term support is now seen at the former resistance at 129.09 and should be able to protect the downside for the expected rally higher to 131.11.
R3: 131.98
R2: 131.11
R1: 131.00
Pivot: 129,46
S1: 129.09
S2: 128.75
S3: 128.42
Trading recommendation:
We missed the buying opportunity and will stay on the sideline until wave v has run its course
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
There was no time for a deeper correction in wave iv. With the clear break above minor resistance seen at 129.09 wave v higher towards at least 131.11 is well under way. Short-term support is now seen at the former resistance at 129.09 and should be able to protect the downside for the expected rally higher to 131.11.
R3: 131.98
R2: 131.11
R1: 131.00
Pivot: 129,46
S1: 129.09
S2: 128.75
S3: 128.42
Trading recommendation:
We missed the buying opportunity and will stay on the sideline until wave v has run its course
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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