The correction became a litlle larger than expected as it reached 1.6007, which has changed the short term count slightly, but after a new correction towards 1.6007, we should see renewed downside pressure towards at least 1.5766 and most likely even lower towards the ideal target at 1.5530 before a reversal of the long-term downtrend should be expected.
Trading recommendation:
The stop at 1.5985 was hit for a nice profit. Sell EUR again at 1.5995 with a stop at 1.6095.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6007
R2: 1.5983
R1: 1.5940
Current spot: 1.5903
S1: 1.5846
S2: 1.5766
S3: 1.5703
Technical summary:
The correction became a litlle larger than expected as it reached 1.6007, which has changed the short term count slightly, but after a new correction towards 1.6007, we should see renewed downside pressure towards at least 1.5766 and most likely even lower towards the ideal target at 1.5530 before a reversal of the long-term downtrend should be expected.
Trading recommendation:
The stop at 1.5985 was hit for a nice profit. Sell EUR again at 1.5995 with a stop at 1.6095.
The material has been provided by InstaForex Company – www.instaforex.com
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