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Wave summary:

We expect minor resistance at 112.61 will be able to protect the upside for the next decline closer to the ideal downside target at 108.17 before the long-term correction from 149.56 is finally complete.

Even a small break above 112.61 will not change our expectation of one more decline closer to 108.17.

Trade recommendation:

Stay short and keep your stop at 112.65. If you are not short yet, then sell near 112.55 wil stop placed at 112.65.

The material has been provided by InstaForex Company – www.instaforex.com

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