Today's support and resistance levels:
R3: 140.22
R2: 139.96
R1: 139.76
Current spot: 139.52
S1: 139.36
S2: 139.27
S3: 139.13
Technical summary:
We expect support at 139.27 will be able to protect the downside for a break above minor resistance at 139.76 and more importantly a break above resistance at 140.22, that would call for a strong rally to 141.21 and above for a continuation towards strong resistance at 143.79, where the real battle will unfold. A break above 143.79 will call for much higher levels, but for now, let's see if support at 139.27 will be able to protect the downside, if not it will merely delay the expected upside pressure and the downside progress should be limited.
Trading recommendation:
We are long in EUR from 135.95 with our stop placed at 139.05. If you are not long in EUR yet, then buy EUR near 139.27 or upon a break above 139.76 with the same stop at 139.05
The material has been provided by InstaForex Company - www.instaforex.com
