As we expected, it was only a question of time before resistance at 130.37 gave away and the underlying upside pressure forced the price higher. We are currently in wave 5 and the ideal target for wave 5 is near 135.47. Breaking down what we have seen of wave 5 we are currently in wave (iii) of iii. We expect wave (iii) to end at 132.12 from where we should see wave (iv) down to 131.58 and maybe 131.15 before wave (v) takes over for a rally towards 133.59 before wave iii of 5 ends.
Trading recommendation:
We long EUR from 127.30 and move our stop higher to 130.20. We have placed our take profit+revers of the position at 135.00. If you do not have long EUR positions, we recommend buying near 131.58 with the same stop and take profit levels.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 132.95
R2: 132.50
R1: 132.12
Current spot: 131.77
S1: 131.52
S2: 131.29
S3: 130.79
Technical overview:
As we expected, it was only a question of time before resistance at 130.37 gave away and the underlying upside pressure forced the price higher. We are currently in wave 5 and the ideal target for wave 5 is near 135.47. Breaking down what we have seen of wave 5 we are currently in wave (iii) of iii. We expect wave (iii) to end at 132.12 from where we should see wave (iv) down to 131.58 and maybe 131.15 before wave (v) takes over for a rally towards 133.59 before wave iii of 5 ends.
Trading recommendation:
We long EUR from 127.30 and move our stop higher to 130.20. We have placed our take profit+revers of the position at 135.00. If you do not have long EUR positions, we recommend buying near 131.58 with the same stop and take profit levels.
The material has been provided by InstaForex Company – www.instaforex.com
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