Wave summary:

Wave [ii] completed with the test of 1.4618, which was close to a perfect 61.8% correction of wave [i]. All we need now is a clear break above resistance at 1.4862 that confirms a strong rally in wave [iii] higher to 1.5282 and in the long term much more upside closer to 1.5837 is expected here.

Support is now seen at 1.4735 and, more importantly, at 1.4695 that is expected to protect the downside for the break above 1.4862.

R3: 1.4953

R2: 1.4890

R1: 1.4862

Pivot: 1.4825

S1: 1.4760

S2: 1.4735

S3: 1.4695

Trading recommendation:

We are long EUR from 1.4740. We will move our stop higher to 1.4615. If you are not long EUR yet, then buy a break above resistance at 1.4862 and place your stop at 1.4615 too.

The material has been provided by InstaForex Company –

Get a £20 welcome bonus to try out the Plus 500 CFD trading platform, No deposit is required! Simply register a real money account at plus500, enter your mobile number and receive a validation code by SMS. Try out CFD trading on forex,stocks,commodities and more with no risk. *T&Cs apply - see the plus500 website here for more info.

 Comment on this article

Top Viewed This Week

Subscribe To Our Newsletter

Social Counters
/ Free WordPress Plugins and WordPress Themes by Silicon Themes. Join us right now!

Send this to friend