We have been trading in a very narrow range since Friday. This narrow range has been wave b of the ongoing correction, and we are still looking for a move closer to resistance at 139.74, to end blue wave iv and set the stage for blue wave v lower towards 137.21. In the short term we expect minor support at 138.73 to protect the downside for the correction towards 139.74 before lower in blue wave v.
Trading recommendation:
Sell EUR at 139.60 or upon a break below 138.73 and place stop at 141.25 expecting to be able to move it lower soon.
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: 138.98
S1: 138.63
S2: 138.51
S3: 138.38
Technical summary:
We have been trading in a very narrow range since Friday. This narrow range has been wave b of the ongoing correction, and we are still looking for a move closer to resistance at 139.74, to end blue wave iv and set the stage for blue wave v lower towards 137.21. In the short term we expect minor support at 138.73 to protect the downside for the correction towards 139.74 before lower in blue wave v.
Trading recommendation:
Sell EUR at 139.60 or upon a break below 138.73 and place stop at 141.25 expecting to be able to move it lower soon.
The material has been provided by InstaForex Company – www.instaforex.com
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