A correction in blue wave ii was not over and became deeper than we had expected. However, as long as support at 137.98 is able to protect the downside, we will stay bullish for more upside pressure at 141.06 on the way towards 144.03.
In the short term, we will look for a break above minor resistance at 138.64 as the first indication that the correction in blue wave ii is over and blue wave iii is developing higher. However, to confirm that blue wave iii is moving, a break above 139.40 will be needed.
Our stop at 138.75 was hit for a nice little profit. We will buy EUR at 138.47 again or upon a break above 138.64 with stop placed at 137.90.
The material has been provided by InstaForex Company – www.instaforex.com