Today's support and resistance levels:
R3: 147.59
R2: 147.39
R1: 147.05
Current spot: 147.03
S1: 147.00
S2: 146.78
S3: 146.38
Technical summary:
The possible b-wave of the expanded flat pattern has extended higher and is closing in on the maximum target at 147.59. This resistance has to protect the upside for a break below support at 147.00 and more importantly below support at 146.78 confirming that wave c lower to 142.05 is developing. However, if resistance at 147.59 is broken too, then the potential b-wave count will be invalidated. Instead, the count shifts to wave (v) still being in action towards 148.30 before the correction lower.
Trading recommendation:
Our long from 146.35 was stopped at 146.75 with a small loss. We are still looking to sell and will sell EUR again at 147.50 or upon a break below 147.00 with a stop at 148.50.
The material has been provided by InstaForex Company - www.instaforex.com
