With the break below support at 128.14, we have had confirmation that a top is in place and a new decline towards important support at 124.96 is ongoing. Only a break below support at 124.96 will confirm our long held target at 118.73, where wave 2 will have corrected 38.2% of wave 1. In the short term, we are looking for a break below minor support at 127.85 for a continuation down to 127.28 and a break below here should accelerate the decline towards strong support at 124.96.
Trading recommendation:
We short EUR from 128.20 and will move our stop lower to 129.25. If you do not have short EUR positions already, then sell at a break below 127.85 with the same stop at 129.25.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 129.69
R2: 129.22
R1: 128.68
Current Spot: 128.15
S1: 127.85
S2: 127.28
S3: 126.76
Technical overview:
With the break below support at 128.14, we have had confirmation that a top is in place and a new decline towards important support at 124.96 is ongoing. Only a break below support at 124.96 will confirm our long held target at 118.73, where wave 2 will have corrected 38.2% of wave 1. In the short term, we are looking for a break below minor support at 127.85 for a continuation down to 127.28 and a break below here should accelerate the decline towards strong support at 124.96.
Trading recommendation:
We short EUR from 128.20 and will move our stop lower to 129.25. If you do not have short EUR positions already, then sell at a break below 127.85 with the same stop at 129.25.
The material has been provided by InstaForex Company – www.instaforex.com
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