The impulsive rally from a low of 133.07 continues to unfold as expected. In the short term, we are looking for a move closer to resistance at 136.57 to end blue wave iii and call for a small correction in blue wave iv towards 135.86 and maybe even 135.47 before moving higher to 137.52.
As we are in a new impulsive rally, we should be looking for a continuation higher with the next major upside target at 144.03.
We are long EUR from 134.20 and will move our stop higher to 135.25. If you are not long EUR yet, buy in the area around 135.47 – 135.86 with the stop at 135.25.
The material has been provided by InstaForex Company – www.instaforex.com