The unexpected break below 1.5478 has once again revived the downtrend from 1.7274. As we have broken almost all possible support points, now it seems fit to expect a full 100% retracement of the rally from 1.4966 to 1.7274 in a flat correction. It means the last part of the decline clearly lacks momentum. Now, a bottom could be found any time to end the X-wave, which has been unfolding since the 1.7274 high. This has been a very difficulte wave to track and has caused a lot of burned fingers.
Trading recommendation:
Our stop at 1.5470 was hit and we still stay neutral for now.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 1.5528
R2: 1.5494
R1: 1.5475
Current spot: 1.5462
S1: 1.5437
S2: 1.5389
S3: 1.5350
Technical summary:
The unexpected break below 1.5478 has once again revived the downtrend from 1.7274. As we have broken almost all possible support points, now it seems fit to expect a full 100% retracement of the rally from 1.4966 to 1.7274 in a flat correction. It means the last part of the decline clearly lacks momentum. Now, a bottom could be found any time to end the X-wave, which has been unfolding since the 1.7274 high. This has been a very difficulte wave to track and has caused a lot of burned fingers.
Trading recommendation:
Our stop at 1.5470 was hit and we still stay neutral for now.
The material has been provided by InstaForex Company – www.instaforex.com
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