Today's support and resistance levels:
R3: 137.76
R2: 137.64
R1: 137.44
Current spot: 136.96
S1: 136.86
S2: 136.60
S3: 136.36
Technical summary:
We are still lock inside a narrow falling channel, but ideally support at 136.87 will protect the downside for a break above minor resistance at 137.76 and more importantly a break above 139.13, which will confirm a new test of the 141.22 top on the way higher to 143.79. At this point, the risk is obviously support at 136.87 and a break below here would call for a third zig-zag correction towards important support at 135.80. Support at 135.80 has to protect the downside to keep the bullish count alive.
Trading recommendation:
We are long EUR from 137.75 with stop and revers in place at 136.85. If you are not long EUR yet, then buy a break above 137.76 with the same stop. If support at 136.87 is broken, then sell EUR with a stop at 137.80 and take profit at 135.85.
The material has been provided by InstaForex Company - www.instaforex.com
