The decline from 139.28 is impulsive that indicates that more downside should be seen. That means we would still like to see a break below minor support at 138.54 as an extra indication that a top was indeed found at 139.28 for a decline towards at least 138.10 and more likely lower to 137.66.
In the short term a minor correction towards the 138.83 – 139.00 area cannot be excluded before the next real downside pressure takes over for the break below 138.54 on the way lower to 138.10.
Trading recommendation:
We are short in EUR from 138.95 with stop placed at 139.35. If you are not short in EUR yet, then sell near 139.00 or upon a break below 138.54 with the same stop at 139.35.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 139.00
R2: 138.92
R1: 138.83
Current spot: 138.64
S1: 138.54
S2: 138.37
S3: 138.10
Technical summary:
The decline from 139.28 is impulsive that indicates that more downside should be seen. That means we would still like to see a break below minor support at 138.54 as an extra indication that a top was indeed found at 139.28 for a decline towards at least 138.10 and more likely lower to 137.66.
In the short term a minor correction towards the 138.83 – 139.00 area cannot be excluded before the next real downside pressure takes over for the break below 138.54 on the way lower to 138.10.
Trading recommendation:
We are short in EUR from 138.95 with stop placed at 139.35. If you are not short in EUR yet, then sell near 139.00 or upon a break below 138.54 with the same stop at 139.35.
The material has been provided by InstaForex Company – www.instaforex.com
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