We expect minor resistance at 133.23 will be able to protect the upside for renewed downside pressure through key-support at 132.10 for a final dip to 130.78 to complete red wave ii and set the stage for a new impulsive rally in red wave iii for a rally towards 139.20.
Only a direct break above resistance at 134.61 will indicate that red wave ii completed early and red wave iii already is developing.
R3: 133.68
R2: 133.51
R1: 133.28
Pivot: 132.92
S1: 132.56
S2: 132.10
S3: 131.96
Trading recommendation:
We are looking for a buying-opportunity at 131.25 or upon a break above 134.61
The material has been provided by InstaForex Company - www.instaforex.com