Trading Conditions
Products
Tools
The expected red wave iv correction is unfolding nicely. The structure still doesn't look complete, so we continue to look for more downside closer to the 130.61 - 130.77 area from where a new impulsive rally in red wave v could begin.
Only a direct break above minor resistance at 131.78 will confirm that red wave iv completed early and red wave v already is starting to develop towards the 133.02 - 133.60 area. This is the most likely target-area for red wave v.
R3: 132.11
R2: 131.98
R1: 131.78
Pivot: 131.16
S1: 130.85
S2: 130.77
S3: 130.61
Trading recommendation:
We will buy EUR at 130.80 or upon a break above 131.78.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.