We have now seen the expected break above 131.11, which indicates more upside pressure towards 131.99 on the way to the longer term target at 136.50.
Support is now seen at 130.66 and again at 130.28. The later needs to protect the downside or else a small expanded flat is developing and a dip to 129.70 should be expected before the next rally higher towards 131.99.
R3: 131.99
R2: 131.50
R1: 131.11
Pivot: 130.85
S1: 130.66
S2: 130.28
S3: 130.02
Trading recommendation:
We are long EUR from 129.11 with our stop placed at 130.25. If you are not long EUR yet, then buy near 130.66 or upon a break above 131.50 and use the same stop at 130.25.
The material has been provided by InstaForex Company - www.instaforex.com