Wave summary:
As long as support at 132.45 is able to protect the downside, as long will we be looking for a continuation higher towards 137.37 to complete wave (D) of the huge triangle that has been developing since June 2008.
Short-term a break above minor resistance at 133.40 will indicate more upside pressure, while a break above resistance at 133.71 confirms a new rally to 134.41 on the way higher to 137.37.
R3: 136.04
R2: 134.41
R1: 133.71
Pivot: 133.50
S1: 133.08
S2: 132.78
S3: 132.45
Trading recommendation:
We are long EUR from 133.55 with stop placed at 132.85. Upon a break above 133.71 our stop will be raised to 133.05.
The material has been provided by InstaForex Company - www.instaforex.com
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