Wave summary:
The corrective rally from 133.09 spikes just above our upper target at 135.25 and should now be ready to turn lower again for a decline towards 131.11 before another corrective rally is expected towards 134.10.
Short-term a break below minor support at 134.79 will be a strong indicator that the corrective rally from 133.09 has completed and the expected decline to 131.11 has begun.
R3: 136.64
R2: 136.05
R1: 135.66
Pivot: 134.79
S1: 134.25
S2: 133.65
S3: 133.09
Trading recommendation:
We sold EUR at 134.74. We will place our stop at 136.75, but expect to move it lower soon. Upon a break below 134.79, we will move the stop lower to 135.75.
The material has been provided by InstaForex Company - www.instaforex.com
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