We are in the final wave lower towards the ideal target near 1.5653. We have seen a sharp rally from the 1.5869 low, but this did not break above minor resistance at 1.6108 as that would argue for a more complex formation developing for this final decline. In the short term a break below minor support at 1.5988 will add renewed dowside pressure for a new decline towards 1.5869 and lower.
Trading recommendation:
Our stop at 1.6050 was hit for a nice profit. We will sell EUR again at 1.6075 with a stop and revers of the position at 1.6205.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6202 (Critical level)
R2: 1.6108
R1: 1.6075
Current spot: 1.6047
S1: 1.5988
S2: 1.5869
S3: 1.5766
Technical summary:
We are in the final wave lower towards the ideal target near 1.5653. We have seen a sharp rally from the 1.5869 low, but this did not break above minor resistance at 1.6108 as that would argue for a more complex formation developing for this final decline. In the short term a break below minor support at 1.5988 will add renewed dowside pressure for a new decline towards 1.5869 and lower.
Trading recommendation:
Our stop at 1.6050 was hit for a nice profit. We will sell EUR again at 1.6075 with a stop and revers of the position at 1.6205.
The material has been provided by InstaForex Company – www.instaforex.com
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