We remain focused towards the downside for a test of the 108.17 target. A break below minor support at 110.80 will confirm more downside pressure towards 109.80 on the way towards 108.17.
Resistance is now seen at 111.86, which ideal will be able to protect the upside, but only a break above 112.61 will delay the expected downside pressure
Trading recommendation:
Stay short and move your stop slightly lower to 112.65 and keep take profit at 108.25. If you are not short yet, then sell near 111.43 and use the same stop at 112.65.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
No change in view here.
We remain focused towards the downside for a test of the 108.17 target. A break below minor support at 110.80 will confirm more downside pressure towards 109.80 on the way towards 108.17.
Resistance is now seen at 111.86, which ideal will be able to protect the upside, but only a break above 112.61 will delay the expected downside pressure
Trading recommendation:
Stay short and move your stop slightly lower to 112.65 and keep take profit at 108.25. If you are not short yet, then sell near 111.43 and use the same stop at 112.65.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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