The corrective decline in wave [ii] could have completed with the test of 1.5796 and if this is the case, then we should soon seen a strong rally beyond 1.6020 towards 1.6655. That said, we have to take into consideration that the correction in wave [ii] will need a little longer to unfold and in this case, we will need to allow for a move closer to 1.5764 before wave [iii] takes over for the next impulsive rally higher.
R3: 1.6469
R2: 1.6200
R1: 1.6020
Pivot: 1.5900
S1: 1.5843
S2: 1.5795
S3: 1.5764
Trading recommendation:
We are long EUR from 1.5665 with stop placed at 1.5885. If you are not long EUR yet, then buy EUR near 1.5764 or upon a break above 1.6020 and use the same stop at 1.5585.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
The corrective decline in wave [ii] could have completed with the test of 1.5796 and if this is the case, then we should soon seen a strong rally beyond 1.6020 towards 1.6655. That said, we have to take into consideration that the correction in wave [ii] will need a little longer to unfold and in this case, we will need to allow for a move closer to 1.5764 before wave [iii] takes over for the next impulsive rally higher.
R3: 1.6469
R2: 1.6200
R1: 1.6020
Pivot: 1.5900
S1: 1.5843
S2: 1.5795
S3: 1.5764
Trading recommendation:
We are long EUR from 1.5665 with stop placed at 1.5885. If you are not long EUR yet, then buy EUR near 1.5764 or upon a break above 1.6020 and use the same stop at 1.5585.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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