Red wave (2) continues to work its way lower towards the ideal target-zone between 127.44 - 127.60.
As long as minor resistance at 129.11 caps the upside more downside pressure should be expected towards the 127.44 - 127.60 target-zone. Only a direct break above minor resistance at 129.11 will indicate a premature completion of red wave (2) and the onset of red wave (3) towards at least 137.50 and above.
R3: 129.98
R2: 129.11
R1: 128.84
Pivot: 128.48
S1: 128.00
S2: 127.81
S3: 127.60
Trading recommendation:
Buy EUR at 127.75 or upon a break above resistance at 129.11.
The material has been provided by InstaForex Company - www.instaforex.com