As we expected a new high has been made and we are still looking for new highs to be made as wave iii unfolds. Currently we are about to end green wave v near 1.6452, but that would only end blue wave iii and after a small sideways correction we shall see new highs. As we are in wave iii it should be expected that the corrections will be small and even sub-normal. Yes, one can be lucky from time to time a make a profit during the corrections, but the risk is that you are left standing at the train station when the train has left. The big profit is made in the direction of the trend, which is clearly up here. When looking at the larger picture, we would like to see a daily and, even better, a weekly close above 1.6358, which will call for a continuation higher towards at least 1.7751 in the long term.
Trading recommendation:
We are long EUR from 1.5790 and will move our stop slightly higher to 1.6120. If you are not long EUR already, then buy a break above 1.6328 with the same stop.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6452
R2: 1.6394
R1: 1.6328
Current spot: 1.6323
S1: 1.6278
S2: 1.6238
S3: 1.6194
Technical overview:
As we expected a new high has been made and we are still looking for new highs to be made as wave iii unfolds. Currently we are about to end green wave v near 1.6452, but that would only end blue wave iii and after a small sideways correction we shall see new highs. As we are in wave iii it should be expected that the corrections will be small and even sub-normal. Yes, one can be lucky from time to time a make a profit during the corrections, but the risk is that you are left standing at the train station when the train has left. The big profit is made in the direction of the trend, which is clearly up here. When looking at the larger picture, we would like to see a daily and, even better, a weekly close above 1.6358, which will call for a continuation higher towards at least 1.7751 in the long term.
Trading recommendation:
We are long EUR from 1.5790 and will move our stop slightly higher to 1.6120. If you are not long EUR already, then buy a break above 1.6328 with the same stop.
The material has been provided by InstaForex Company – www.instaforex.com
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