We are still looking for a correction slightly higher towards 139.74 to end blue wave iv before the next decline in blue wave v towards 137.21. The short-term support at 138.51 ideally will protect the downside for the final part of the correction towards 139.74 and then lower in blue wave v. That said, it should be remembered that correction during wave three tends to small and even sub-normal and a direct break below 138.38 will indicate that is the case here.
Trading receommendation:
Sell EUR at 139.60 or upon a break below 138.83 with a stop at 141.25.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 139.74
R2: 139.31
R1: 139.10
Current spot: 138.74
S1: 138.63
S2: 138.51
S3: 138.38
Technical summary:
We are still looking for a correction slightly higher towards 139.74 to end blue wave iv before the next decline in blue wave v towards 137.21. The short-term support at 138.51 ideally will protect the downside for the final part of the correction towards 139.74 and then lower in blue wave v. That said, it should be remembered that correction during wave three tends to small and even sub-normal and a direct break below 138.38 will indicate that is the case here.
Trading receommendation:
Sell EUR at 139.60 or upon a break below 138.83 with a stop at 141.25.
The material has been provided by InstaForex Company – www.instaforex.com
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