The very slow start of what we expect is a new major rally to above 1.6833 and much higher is still developing in a slow motion way. That said, we are currently looking for minor support at 1.6231 to protect the downside for a break above minor resistance at 1.6433 and, more importantly, resistance at 1.6592 to confirm the next rally to resistance at 1.6833 and above.
Only a break below minor support at 1.6231 will yet again delay the expected recovery.
Trading recommendation:
We are long in EUR from 1.6365 and lift our stop to 1.6225. If you are not long in EUR yet, then buy a break above 1.6433 and use the same stop at 1.6225.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
The very slow start of what we expect is a new major rally to above 1.6833 and much higher is still developing in a slow motion way. That said, we are currently looking for minor support at 1.6231 to protect the downside for a break above minor resistance at 1.6433 and, more importantly, resistance at 1.6592 to confirm the next rally to resistance at 1.6833 and above.
Only a break below minor support at 1.6231 will yet again delay the expected recovery.
Trading recommendation:
We are long in EUR from 1.6365 and lift our stop to 1.6225. If you are not long in EUR yet, then buy a break above 1.6433 and use the same stop at 1.6225.
The material has been provided by InstaForex Company – www.instaforex.com
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