Technical summary: Over the last couple of days, a minor b-wave triangle has been unfolding locking the price action into an ever more narrowing range. However, the triangle is likely to be close to terminating and a break towards the upside should be seen for a move closer to the ideal target at 142.26 in wave c. Once this c-wave is done we should expect renewed downside pressure, as the longer term corrective target for the entire rally from 94.10 to 145.69 is at 126.00.
Trading recommendation: We will sell EUR at 142.00.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3:141.87
R2: 141.29
R1: 141.04
Current Spot: 140.67
S1: 140.30
S2: 139.59
S3: 139.59
Technical summary:
Over the last couple of days, a minor b-wave triangle has been unfolding locking the price action into an ever more narrowing range. However, the triangle is likely to be close to terminating and a break towards the upside should be seen for a move closer to the ideal target at 142.26 in wave c. Once this c-wave is done we should expect renewed downside pressure, as the longer term corrective target for the entire rally from 94.10 to 145.69 is at 126.00.
Trading recommendation:
We will sell EUR at 142.00.
The material has been provided by InstaForex Company – www.instaforex.com
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