The wave ii correction is most likely to have ended at 139.13 (just below our target at 139.18). We are currently looking for a break below minor support at 138.48 as the first strong indication that this is in fact the case. However, a break below support at 137.92 is needed to provide the final confirmation for a continuation lower towards 136.23 and possibly even lower.
As long as support at 1.3848 protects the downside, we could still see one last rally higher towards 139.18, but the odds do not really favor this outcome.
Trading recommendation:
We missed our sell-point by just 2 small pips. Instead we will sell here at 138.84 with stop placed at 139.25.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 139.18
R2: 139.13
R1: 138.85
Current spot: 138.84
S1: 138.61
S2: 138.48
S3: 138.18
Technical summary:
The wave ii correction is most likely to have ended at 139.13 (just below our target at 139.18). We are currently looking for a break below minor support at 138.48 as the first strong indication that this is in fact the case. However, a break below support at 137.92 is needed to provide the final confirmation for a continuation lower towards 136.23 and possibly even lower.
As long as support at 1.3848 protects the downside, we could still see one last rally higher towards 139.18, but the odds do not really favor this outcome.
Trading recommendation:
We missed our sell-point by just 2 small pips. Instead we will sell here at 138.84 with stop placed at 139.25.
The material has been provided by InstaForex Company – www.instaforex.com
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