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Wave summary:

The correction in the wave [iv] completed with the test of 1.5170. Besides, the wave [v] higher to at least 1.5537 and possibly even closer to 1.5764 is now unfolding.

In the short term, the support at 1.5218 should be able to protect the downside for a break above 1.5441 confirming more upside pressure towards 1.5537 and perhaps even closer to 1.5764.

R3: 1.5537

R2: 1.5441

R1: 1.5349

Pivot: 1.5300

S1: 1.5218

S2: 1.5170

S3: 1.5115

Trading recommendation:

We recommend to buy EUR at 1.5170 and with the stop loss placed at 1.5160. If you are not long EUR yet, then but near 1.5218 or upon a break above 1.5349 and use the same stop at 1.5160.

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

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