The rally of the 1.6196 low is not yet convincing in any way, but as long as this low is able to protect the downside, we will let the bullish outlook have the benefit of doubt and look for more upside pressure towards 1.6592 and higher towards 1.6874.
In the short term, we must allow for a minor set-back to 1.6314 before a new test of the minor resistance at 1.6465 is expected and above here calls for a test of 1.6592 and higher.
Only an unexpected break below 1.6196 will invalidate the bullish outlook and call for a move closer to 1.6100.
Trading recommendation:
We are long in EUR from 1.6365 with our stop placed at 1.6225. If you are not long in EUR yet, then buy near 1.6314 and use the same stop at 1.6225.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
The rally of the 1.6196 low is not yet convincing in any way, but as long as this low is able to protect the downside, we will let the bullish outlook have the benefit of doubt and look for more upside pressure towards 1.6592 and higher towards 1.6874.
In the short term, we must allow for a minor set-back to 1.6314 before a new test of the minor resistance at 1.6465 is expected and above here calls for a test of 1.6592 and higher.
Only an unexpected break below 1.6196 will invalidate the bullish outlook and call for a move closer to 1.6100.
Trading recommendation:
We are long in EUR from 1.6365 with our stop placed at 1.6225. If you are not long in EUR yet, then buy near 1.6314 and use the same stop at 1.6225.
The material has been provided by InstaForex Company – www.instaforex.com
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