Today's support and resistance levels:
R3: 140.40
R2: 140.20
R1: 139.87
Current spot: 139.64
S1: 139.51
S2: 139.27
S3: 139.05
Technical summary:
The correction in wave ii has become slightly more complex, than first anticipated. However, it does not change anything in the slightly larger picture. So, it should be just a matter of time before we see a break above minor resistance at 139.87 and more importantly above resistance at 140.20 for a new rally higher to 141.22 on the way towards strong resistance at 143.79, which is where the real battle will be fought. Only an unexpected break below support at 138.46 will invalidate the imediately bullish count.
Trading recommendation:
We are long in EUR from 135.95 with stop placed at 139.05. If you are not long in EUR yet, then buy a break above 139.87 with the same stop at 139.05.
The material has been provided by InstaForex Company - www.instaforex.com
