The break below support seen at 1.5803 has forced us to change the short-term count slightly. This new count indicates that wave ii/ still is unfolding as an expanded flat correction. This calls for a move slightly lower to 1.5537 in wave c of ii/ before renewed upside pressure should be expected in wave iii/.
Short-term only a direct break above resistance, seen at 1.5985, will indicate that wave ii/ has completed and wave iii/ higher is developing.
R3: 1.6079
R2: 1.5985
R1: 1.5879
Pivot: 1.5800
S1: 1.5753
S2: 1.5689
S3: 1.5537
Trading recommendation:
Our stop at 1.5800 was hit for a 135 point profit. We will re-buy EUR at 1.5550 or upon a break above 1.5985.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
The break below support seen at 1.5803 has forced us to change the short-term count slightly. This new count indicates that wave ii/ still is unfolding as an expanded flat correction. This calls for a move slightly lower to 1.5537 in wave c of ii/ before renewed upside pressure should be expected in wave iii/.
Short-term only a direct break above resistance, seen at 1.5985, will indicate that wave ii/ has completed and wave iii/ higher is developing.
R3: 1.6079
R2: 1.5985
R1: 1.5879
Pivot: 1.5800
S1: 1.5753
S2: 1.5689
S3: 1.5537
Trading recommendation:
Our stop at 1.5800 was hit for a 135 point profit. We will re-buy EUR at 1.5550 or upon a break above 1.5985.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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