The failure to break above minor resistance at 1.5610 is disappointing, but it will still take a break below support at 1.5478 to invalidate our bullish count. Even if our bullish count should be invalidated the downside potential should be limited. That said, the we still expect support at 1.5478 to protect the downside for a break above minor resistance at 1.5528 and more importantly a break above 1.5610, that will be the first strong indication that wave 2 is over and a higher wave is developing.
Trading Recommendation:
We are long EUR from 1.5585 with stop placed at 1.5470. If you are not long EUR yet, Then buy a break above 1.5528 with the same stop at 1.5470.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance Levels:
R3: 1.5610
R2: 1.5567
R1: 1.5528
Current Spot: 1.5497
S1: 1.5478
S2: 1.5448
S3: 1.5403
Technical Summary:
The failure to break above minor resistance at 1.5610 is disappointing, but it will still take a break below support at 1.5478 to invalidate our bullish count. Even if our bullish count should be invalidated the downside potential should be limited. That said, the we still expect support at 1.5478 to protect the downside for a break above minor resistance at 1.5528 and more importantly a break above 1.5610, that will be the first strong indication that wave 2 is over and a higher wave is developing.
Trading Recommendation:
We are long EUR from 1.5585 with stop placed at 1.5470. If you are not long EUR yet, Then buy a break above 1.5528 with the same stop at 1.5470.
The material has been provided by InstaForex Company – www.instaforex.com
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