Today's support and resistance levels:
R3: 133.59
R2: 132.77
R1: 132.38
Current spot: 132.18
S1: 131.98
S2: 131.53
S3: 131.05
Technical overview:
After one last decline in minor wave four of iii down to 131.53 we saw the expected rally higher through resistance at 132.40. We are now in wave five of iii of 5 and we still expect this rally in wave five of iii to reach its ideal target near 133.59 before we will see wave iv of 5 take over. As wave ii 5 was a flat correction, we would be looking for a quick zig-zag correction towards 131.79 before the final rally higher in wave v of 5, which will have an ideal target near 135.47, this final rally will end the entire rally since the 94.10 low.
Trading recommendation:
We long EUR from 127.30 and our stop was raised to 131.30 when we broke above 132.40. Our take profit+reversal is at 135.00.
The material has been provided by InstaForex Company - www.instaforex.com
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