We continue to look for a break below minor support at 125.26 to confirm that the sideways consolidation is completed and the final leg lower towards 124.41 is unfolding. The ongoing decline from 127.08 is the C/ wave of a wave 2/ correction and once this correction is complete near 124.41 a new impulsive rally should be expected towards at least 129.24 and likely even closer to 135.46 as wave 3/ is expected to extend.
Resistance is currently seen at 125.70 and then at 126.03
R3: 126.14
R2: 126.03
R1: 125.70
Pivot: 125.26
S1: 125.08
S2: 124.84
S3: 124.41
Trading recommendation:
We are looking for a buying opportunity near 124.41
The material has been provided by InstaForex Company - www.instaforex.com
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