The corrective cycle is still unfolding here. We are still looking for a move closer to 1.5920 before blue wave (ii) is over and blue wave (iii) takes over for a rally to 1.6203 and higher towards 1.6285. Short term we expect minor resistance at 1.6062 to protect the upside for a break below 1.5973 towards 1.5920 and then higher from there in blue wave (iii).
Trading Recommendation:
We will keep our EUR buy order at 1.5925 with stop placed at 1.5740.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance Levels:
R3: 1.6106
R2: 1.6062
R1: 1.6036
Current Spot: 1.6020
S1: 1.5973
S2: 1.5920
S3: 1.5878
Technical Summary:
The corrective cycle is still unfolding here. We are still looking for a move closer to 1.5920 before blue wave (ii) is over and blue wave (iii) takes over for a rally to 1.6203 and higher towards 1.6285. Short term we expect minor resistance at 1.6062 to protect the upside for a break below 1.5973 towards 1.5920 and then higher from there in blue wave (iii).
Trading Recommendation:
We will keep our EUR buy order at 1.5925 with stop placed at 1.5740.
The material has been provided by InstaForex Company – www.instaforex.com
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