Wave summary:
Important resistance at 132.77 should continue to cap the upside for more downside pressure through 131.70 for a decline to at least 130.37 and possibly a lot deeper as wave (E) develops.
A break above 132.77 will delay the expected decline for another spike higher to 133.25 before turning lower again.
R3: 133.25
R2: 133.11
R1: 132.89
Pivot: 132.50
S1: 131.95
S2: 131.70
S3: 131.45
Trading recommendation:
We are short EUR from 133.00 with stop placed at 132.80. If you are not short EUR yet, Then sell near 132.77 or upon a break below 131.95 and use the same stop at 132.80.
The material has been provided by InstaForex Company - www.instaforex.com