The correction in red wave ii/ has become more complex as resistance at 141.06 protected the upside yesterday. It kept the correction in red wave ii/ alive and we have already tested the 38.2% corrective target at 138.78. However, as long as minor resistance at 139.46 protects the upside, we must allow for a move slightly lower to 138.03, which marks the 50% corrective target of a rally from 135.10.
Our stop at 138.75 was hit and we will stay neutral for now waiting for a new EUR-buying opportunity near 138.03.
The material has been provided by InstaForex Company – www.instaforex.com