As long as resistance at 125.01 and more importantly as long as resistance at 126.18 is able to cap the upside, we will continue to look for a dip closer to 120.95 before the ongoing correction is viewed complete and a turn higher through resistance at 126.18 should be expected.
Support is currently seen at 124.14 and a break below here, will add downside pressure towards 12123.65 on the way lower towards 120.95
R3: 125.27
R2: 124.95
R1: 124.75
Pivot: 124.56
S1: 124.12
S2: 123.75
S3: 123.37
Trading recommendation:
We remain short EUR from 124.25 with our stop placed at 126.20.
The material has been provided by InstaForex Company - www.instaforex.com