There was no time for a deeper corrective decline in wave iv, and wave v higher to 123.21 is already unfolding. Once wave v and A are completed, we should see a new corrective decline towards at least 120.57 and possibly even closer to 119.01 to complete wave B and set the stage for the next impulsive rally in wave C towards 138.52.
R3: 123.21
R2: 122.89
R1: 122.63
Pivot: 122.00
S1: 121.60
S2: 121.30
S3: 120.65
Trading recommendation:
We missed the buying opportunity at 120.75 and will wait to sell EUR near 123.05 and place stop at 123.35.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
There was no time for a deeper corrective decline in wave iv, and wave v higher to 123.21 is already unfolding. Once wave v and A are completed, we should see a new corrective decline towards at least 120.57 and possibly even closer to 119.01 to complete wave B and set the stage for the next impulsive rally in wave C towards 138.52.
R3: 123.21
R2: 122.89
R1: 122.63
Pivot: 122.00
S1: 121.60
S2: 121.30
S3: 120.65
Trading recommendation:
We missed the buying opportunity at 120.75 and will wait to sell EUR near 123.05 and place stop at 123.35.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: