We are still looking for a break below support at 128.33 to confirm that a final decline closer to our long-term target at 125.98 is likely to be seen. At this point, only a break above 131.74 indicates that a bottom has already been found and a new impulsive rally is developing.
In the short term, a break below minor support at 129.30 is going to call for a test of the important short-term support at 128.33 and confirms a new decline towards our long-standing target at 125.98 before the bottom gets in place.
We are short EUR from 129.85 and will keep our stop at 130.40. If you are not short already, then sell a break below support at 129.30 with the same stop at 130.40.
The material has been provided by InstaForex Company – www.instaforex.com