Today's support and resistance levels:
R3: 130.65
R2: 130.31
R1: 130.06
Current spot: 129.94
S1: 129.42
S2: 128.80
S3: 128.05
Technical overview:
We have seen a slight break below support at 129.46, but we are looking for even more acceleration towards the downside, as a possible wave iii of C is progressing for a decline towards at least 128.80 and likely even down to 127.19. In the short term, we would like to see resistance at 130.31 to protect the upside for the next break below 129.42 confirming the next decline towards 128.80. However, even a rally towards 130.65 would not invalidate our bearish call, but we should not break above 130.65 as that would call for a new test of resistance at 131.40 before going down again.
Trading recommendation:
We short EUR from 130.19 with stop placed at 131.45. If you do not have short positions on EUR already, then sell near 130.31 or upon a break below 129.42 with the same stop.
The material has been provided by InstaForex Company - www.instaforex.com
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