Technical summary:
We have now seen the expected decline to the 142.44 target (the low has been 142.26). We could still see a move slightly lower to 142.06, but a bottom should be close by. In the short term a break above minor resistance at 142.97 will be the first indication of a possible bottom, while a break above resistance at 144.16 is needed to confirm the bottom for a rally towards at least 145.57 and above that level a return to the 149.78 high and above would be confirmed.
Trading recommendation:
We took profit on our short EUR position from 145.90 at 142.55. We will buy EUR at 142.10 or upon a break above 142.97. The stop will be placed at 141.50.
The material has been provided by InstaForex Company - www.instaforex.com
