Wave summary:
We continue to look for more upside pressure towards 134.80 and then the ideal wave (D) target at 137.36. Once wave (D) is complete and zig-zag decline will be expected in wave (E), which will complete the huge triangle consolidation that has developed since July 2008.
Short-term, we are looking for a break above minor resistance at 131.10 which confirms more upside towards 134.80 and above. Only a break below 129.35 will delay the expected rally higher.
R3: 131.71
R2: 131.10
R1: 130.67
Pivot: 130.40
S1: 130.13
S2: 129.95
S3: 129.43
Trading recommendation:
We are long EUR from 130.10 with stop placed at 129.25. Take profit is placed at 137.15.
The material has been provided by InstaForex Company - www.instaforex.com