Technical summary:
We where split between a continuation lower towards 125.98 or whether a bottom had been already found. However, after having reviewed the short-term count, we changed ours slightly. We think the new count fits better and explains price actions over the last couple of weeks. This count shows that a triangle wave iv has been developing and the break below the triangle support-line at 129.05 was the first good indication that the triangle consolidation had been over and renewed downside pressure on wave v of (v). In the short term, we will look for resistance around 129.10 - 129.30 for the next part of the decline closer to the ideal downside target at 125.98.
Trading Recommendation:
Sell EUR around 129.10 - 129.30 with a stop at 129.80 and place take profit at 126.25
The material has been provided by InstaForex Company - www.instaforex.com
