We are still looking for a rally a little higher towards the 139.74 corrective target before the next decline should be expected. That said we have to be aware of the possibility of a top being in place at any time now. To confirm that the top is in place, we need a break below 138.73 and more importantly a break below 138.56, which will call for a new impulsive decline below 138.14 towards 137.21.
Trading recommendation:
Sell EUR at 139.60 or upon a break below 138.73 with a stop at 141.25 expecting to be able to lower the stop quickly.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 139.74
R2: 139.30
R1: 139.15
Current spot: 139.14
S1: 138.72
S2: 138.56
S3: 138.38
Technical summary:
We are still looking for a rally a little higher towards the 139.74 corrective target before the next decline should be expected. That said we have to be aware of the possibility of a top being in place at any time now. To confirm that the top is in place, we need a break below 138.73 and more importantly a break below 138.56, which will call for a new impulsive decline below 138.14 towards 137.21.
Trading recommendation:
Sell EUR at 139.60 or upon a break below 138.73 with a stop at 141.25 expecting to be able to lower the stop quickly.
The material has been provided by InstaForex Company – www.instaforex.com
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