Today's support and resistance levels:
R3: 147.46
R2: 147.20
R1: 146.75
Current spot: 146.53
S1: 146.33
S2: 145.74
S3: 145.42
Technical summary:
The decline from 149.13 does look too strong to be just a small correction wave four calling for the next rally higher. So, with that in mind, we have placed wave v and (i) at 149.13 and is now looking for a correction in wave (ii) towards 142.06. Short term, we would like to see resistance at 147.45 protecting the upside for a break below support at 145.74 and more importantly a break below support at 144.78 confirming that wave (i) did end at 149.13 and the correction to 142.06 is developing.
Trading recommendation:
We have seen some wild swings here lately and will stand aside for now, till we have more confirmation whether the correction has begun or not.
The material has been provided by InstaForex Company - www.instaforex.com
