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.
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 – www.instaforex.com