We have seen a minor five wave decline from 142.47 to end blue wave iii and we should look for a minor correction towards 139.88 before the next powerful decline towards 137.01 to end the red wave iii. It should be remembered that the correction during the third wave tends to be small or even sub-normal.
In the longer term we are still looking for a much bigger correction of the rally from 94.10 to 145.69, with the ideal corrective target coming in at 126.00.
Trading recommendation:
Stay short in EUR from 140.95 and keep your stop at 139.95. If you are not short in EUR yet, then sell EUR near 139.88 with the same stop at 139.95.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 140.37
R2: 139.88
R1: 139.42
Current spot: 139.32
S1: 138.75
S2: 138.12
S3: 137.36
Technical summary:
We have seen a minor five wave decline from 142.47 to end blue wave iii and we should look for a minor correction towards 139.88 before the next powerful decline towards 137.01 to end the red wave iii. It should be remembered that the correction during the third wave tends to be small or even sub-normal.
In the longer term we are still looking for a much bigger correction of the rally from 94.10 to 145.69, with the ideal corrective target coming in at 126.00.
Trading recommendation:
Stay short in EUR from 140.95 and keep your stop at 139.95. If you are not short in EUR yet, then sell EUR near 139.88 with the same stop at 139.95.
The material has been provided by InstaForex Company – www.instaforex.com
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