The rally from 114.82 in wave A is close to exhaustion. As long as minor support at 121.98 is able to protect the downside, we could still see a final spike higher to the ideal 123.21 target, but it’s only a matter of time before wave A completes and wave B lower towards at least 120.02 and likely even closer to 119.02 takes over.
R3: 123.21
R2: 122.89
R1: 122.60
Pivot: 122.50
S1: 122.22
S2: 121.98
S3: 121.28
Trading recommendation:
We will sell EUR at 123.00 or upon a break below support at 121.98.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
The rally from 114.82 in wave A is close to exhaustion. As long as minor support at 121.98 is able to protect the downside, we could still see a final spike higher to the ideal 123.21 target, but it’s only a matter of time before wave A completes and wave B lower towards at least 120.02 and likely even closer to 119.02 takes over.
R3: 123.21
R2: 122.89
R1: 122.60
Pivot: 122.50
S1: 122.22
S2: 121.98
S3: 121.28
Trading recommendation:
We will sell EUR at 123.00 or upon a break below support at 121.98.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: