Our preferred count continues to work nicely and we have seen the expected decline towards at least 122.94, but the decline could easily extend lower towards the 38.2% corrective target seen at 120.69 before taking off again towards 138.52.
Short term, resistance is seen at 124.35 and again at 124.93.
R3: 125.57
R2: 124.93
R1: 124.35
Pivot: 124.00
S1: 123.38
S2: 122.96
S3: 122.57
Trading recommendation:
We are short EUR from 125.25 and will move our stop lower to 125.00. Take profit is placed at 123.00.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
Our preferred count continues to work nicely and we have seen the expected decline towards at least 122.94, but the decline could easily extend lower towards the 38.2% corrective target seen at 120.69 before taking off again towards 138.52.
Short term, resistance is seen at 124.35 and again at 124.93.
R3: 125.57
R2: 124.93
R1: 124.35
Pivot: 124.00
S1: 123.38
S2: 122.96
S3: 122.57
Trading recommendation:
We are short EUR from 125.25 and will move our stop lower to 125.00. Take profit is placed at 123.00.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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