The downside pressure is surely mounting here, but we still need that vital break below vital support at 140.99 to release this downside pressure for real. A break below 140.99 should push prices lower towards 140.23 and possibly even lower towards 136.97. Only an unexpected break above the critical level at 142.09 would delay the expected downside pressure.
Trading recommendation:
Stay short in EUR from 141.68 and move your stop lower to 142.15. If you are not short in EUR yet, then sell near 141.45 or upon a break below 140.99 with the same stop at 142.15.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 142.09 (critical level)
R2: 141.74
R1: 141.45
Current spot: 141.31
S1: 140.99
S2: 140.23
S3: 139.15
Technical summary:
The downside pressure is surely mounting here, but we still need that vital break below vital support at 140.99 to release this downside pressure for real. A break below 140.99 should push prices lower towards 140.23 and possibly even lower towards 136.97. Only an unexpected break above the critical level at 142.09 would delay the expected downside pressure.
Trading recommendation:
Stay short in EUR from 141.68 and move your stop lower to 142.15. If you are not short in EUR yet, then sell near 141.45 or upon a break below 140.99 with the same stop at 142.15.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: