We have already seen the expected dip below support at 1.5588 and seen a low at 1.5533. This will likely be enough to complete wave ii/, but a break above minor resistance seen at 1.5746 and more importantly a break above resistance at 1.5931 will be needed to confirm that wave ii/ has completed and wave iii/ towards 1.6655 is developing.
R3: 1.5931
R2: 1.5805
R1: 1.5746
Pivot: 1.5650
S1: 1.5574
S2: 1.5533
S3: 1.5480
Trading recommendation:
We missed our buy opportunity at 1.5505 by only 25 pips, but will place a new buy order at 1.5540 or upon a break above 1.5746.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
We have already seen the expected dip below support at 1.5588 and seen a low at 1.5533. This will likely be enough to complete wave ii/, but a break above minor resistance seen at 1.5746 and more importantly a break above resistance at 1.5931 will be needed to confirm that wave ii/ has completed and wave iii/ towards 1.6655 is developing.
R3: 1.5931
R2: 1.5805
R1: 1.5746
Pivot: 1.5650
S1: 1.5574
S2: 1.5533
S3: 1.5480
Trading recommendation:
We missed our buy opportunity at 1.5505 by only 25 pips, but will place a new buy order at 1.5540 or upon a break above 1.5746.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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