Today's support and resistance levels:
R3: 139.46
R2: 139.29
R1: 139.17
Current spot: 139.07
S1: 138.94
S2: 138.76
S3: 138.46
Technical summary:
We think that red wave ii still is unfolding. We would like to see resistance at 139.17 protecting the upside for a final decline to 138.46 and maybe even slightly below, but this is not a correction to be trended (correction of this degree never is). So, we have nothing to do than to wait for a level where to buy EUR for the next impulsive rally higher to 143.79. In the short term, a break below minor support at 138.94 will be the first indication, that the final leg in this correction is developing for the decline to 138.46 before higher again.
Trade recommendation:
We are long in EUR from 135.95 with stop placed at 137.50. If you are not long in EUR yet, then buy near 138.46 with the same stop at 137.50.
The material has been provided by InstaForex Company - www.instaforex.com
