Wave summary:
We are still looking for a final dip closer to 127.19 to complete the X-wave from 131.40. Once completed, a new impulsive rally towards 137.36 is still expected to complete wave D of the large triangle consolidation.
Only a direct break above the minor resistance at 128.45 will indicate that the X-wave already finished with the test of 127.52 and the final zig-zag rally towards 137.36 is developing.
R3: 128.79
R2: 128.45
R1: 128.10
Pivot: 128.00
S1: 127.52
S2: 127.19
S3: 127.00
Trading recommendation:
We are short EUR from 128.89 and will move our stop+revers lower to 128.50, while take profit is placed at 127.25.
The material has been provided by InstaForex Company - www.instaforex.com