As long as the minor resistance at 124.11 is able to cap the upside, a deeper corrective decline in wave B could be seen towards 120.69. Once this B-wave correction is complete, a new strong rally will be expected in wave C towards 138.52.
In the short term, a break below minor support at 123.42 will add renewed downside pressure here for a test of 122.53. A break below here will confirm a decline to 120.69.
R3: 124.93
R2: 124.33
R1: 124.11
Pivot: 124.00
S1: 123 24
S2: 122.89
S3: 122.53
Trading recommendation:
Our take profit was hit at 123.00 for a nice profit of 225 pips. We will sell EUR again at 124.00 or upon a break below 123.24 with stop placed at 125.00
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
As long as the minor resistance at 124.11 is able to cap the upside, a deeper corrective decline in wave B could be seen towards 120.69. Once this B-wave correction is complete, a new strong rally will be expected in wave C towards 138.52.
In the short term, a break below minor support at 123.42 will add renewed downside pressure here for a test of 122.53. A break below here will confirm a decline to 120.69.
R3: 124.93
R2: 124.33
R1: 124.11
Pivot: 124.00
S1: 123 24
S2: 122.89
S3: 122.53
Trading recommendation:
Our take profit was hit at 123.00 for a nice profit of 225 pips. We will sell EUR again at 124.00 or upon a break below 123.24 with stop placed at 125.00
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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