Wave summary:
The clear break above the minor resistance-line near 130.00 is not consistent, with our expectations of a deeper correction towards 125.08. The break above this minor resistance-line indicates that the X-wave already has completed the test of 128.00 and a new zig-zag rally towards 137.36 now is developing.
Support is now seen at 130.00 and again at 129.39, which should be able to protect the downside.
R3: 131.40
R2: 131.12
R1: 130.54
Pivot: 130.00
S1: 129.39
S2: 128.89
S3: 128.53
Trading recommendation:
We are short EUR from 129.70, but will take our stop for a loss of 65 pips + reverse the position to a bought position in EUR here at 130.35. The new stop will be placed at 129.35.
The material has been provided by InstaForex Company - www.instaforex.com
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