It seems to be heading directly lower towards the red wave iii target at 137.01. The short-term minor resistance at 138.93 will ideally protect the upside for a break below support at 138.58 calling for a continuation lower towards 138.17 and 137.38 before the ideal target of 137.01.
In the long term we are still looking for a bigger correction of the 94.10 – 145.69 rally towards the ideal target near 126.00
Trading recommendation:
Stay short in EUR from 140.95 and move your stop lower to 139.05 If you are not short in EUR yet, then sell near 138.93 or upon a break below support at 138.58 with the same stop at 139.05.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 140.15
R2: 139.63
R1: 138.93
Current spot: 138.61
S1: 138.58
S2: 138.17
S3: 137.38
Technical summary:
It seems to be heading directly lower towards the red wave iii target at 137.01. The short-term minor resistance at 138.93 will ideally protect the upside for a break below support at 138.58 calling for a continuation lower towards 138.17 and 137.38 before the ideal target of 137.01.
In the long term we are still looking for a bigger correction of the 94.10 – 145.69 rally towards the ideal target near 126.00
Trading recommendation:
Stay short in EUR from 140.95 and move your stop lower to 139.05 If you are not short in EUR yet, then sell near 138.93 or upon a break below support at 138.58 with the same stop at 139.05.
The material has been provided by InstaForex Company – www.instaforex.com
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