There was no time for a final dip to 130.02 and short-term important resistance at 131.11 was re-tested yesterday. We expect support at 130.29 now will be able to protect the downside for the next test and likely break, this time, above the 131.11 for a continuation towards 131.99 as the next sub-target on the way higher to 136.50.
Only an unexpected break below support at 130.29 will delay the expected break above 131.11 for a dip to 130.02 from where the next impulsive rally should begin.
R3: 131.99
R2: 131.45
R1: 131.11
Pivot: 130.72
S1: 130.58
S2: 130.29
S3: 130.02
Trading recommendation:
We are long EUR from 129.11 with our stop placed at 129.40. Upon a break above resistance at 131.11 we will move our stop higher to 130.25.
If you are not long EUR yet, then buy EUR near 130.29 or upon a break above 131.11 and use the same stop at 129.40.
The material has been provided by InstaForex Company -
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