Today's Support and Resistance levels:
R3: 138.76
R2: 138.30
R1: 138.01
Current Spot: 137.76
S1: 137.33
S2: 137.02
S3: 136.60
Technical summary:
We should be in the very last part of the ending diagonal. The maximum for this final wave v will be in the 138.21-138.31 range depending on where the high of wave iii is placed. If we does see a break above 138.31, then the ending diagonal can not be the correct count as wave iii can never be the shortest wave and that would be the case here, if we does break above 138.31. However, for now we maintain the view that an ending diagonal is developing and should be close to its maximum. To confirm that wave v is in place, we need a break below 137.02 and more importantly a break below 136.02, which will confirm that wave v is in place for a decline towards at least 124.96.
Trading recommendation:
If you are long in EUR, lift your stop to 137.02. Take profit on any long position and sell EUR at 138.20 with a close stop at 138.35.
The material has been provided by InstaForex Company - www.instaforex.com
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