We still need a break above minor resistance seen at 1.6002 to confirm that wave ii/ did complete with the test of 1.5660 and that wave iii/ higher towards 1.6655 is developing. Short-term, we expect minor support seen at 1.5815 max. 1.5785 will be able to protect the downside for the rally above 1.6002 confirming a continuation higher.
R3: 1.6157
R2: 1.6088
R1: 1.6002
Pivot: 1.5900
S1: 1.5815
S2: 1.5785
S3: 1.5689
Trading recommendation:
We are long EUR from 1.5869 with stop placed at 1.5650. If you are not long EUR yet, Then buy near 1.5815 and use the same stop at 1.5650.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
We still need a break above minor resistance seen at 1.6002 to confirm that wave ii/ did complete with the test of 1.5660 and that wave iii/ higher towards 1.6655 is developing. Short-term, we expect minor support seen at 1.5815 max. 1.5785 will be able to protect the downside for the rally above 1.6002 confirming a continuation higher.
R3: 1.6157
R2: 1.6088
R1: 1.6002
Pivot: 1.5900
S1: 1.5815
S2: 1.5785
S3: 1.5689
Trading recommendation:
We are long EUR from 1.5869 with stop placed at 1.5650. If you are not long EUR yet, Then buy near 1.5815 and use the same stop at 1.5650.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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