We have seen an expected breakout below support at 132.98 for a continuation lower towards strong support near 132.17. We will ideally find the bottom of wave (iii) at 132.17 and set the stage for a correction in wave (iv) back to 133.92 before lower in wave (v).
Short-term resistance is seen at 133.23 and again at 133.51. The later should ideally protect the upside for a continuation lower to 132.17.
We are short EUR from 135.95 and will move our stop lower to 133.55 and keep our take profit at 132.25.
The material has been provided by InstaForex Company – www.instaforex.com