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Exchange Rates 10.08.2018 analysis

The break below support at 128.48 has shifted the preferred count in favor of a large expanded flat developing as wave ii. Under this count, the ideal target for wave C of ii is seen at 126.00 from where a new impulsive rally in wave iii should take over.

Time wise wave ii is approaching its limit, which is nine times the time-span of wave i. This time-limit is seen on August 30.

Short-term resistance is now seen at 128.48 and again at 129.00. The later should be able to cap the upside. A break above 129.00, will be the first warning that the corrective pattern in wave ii could have completed.

R3: 129.46

R2: 129.00

R1: 128.48

Pivot: 128.14

S1: 127.78

S2: 127.34

S3: 127.06

Trading recommendation:

Our stop at 128.45 was hit for a 27 pips loss. We will be looking for a new EUR-buying opportunity at 126.25 or upon a break above 129.00.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Torben Melsted,
Analytical expert
InstaForex Group © 2007-2018
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