As we have entered the powerful wave iii of 3 we should see acceleration towards the upside. We have seen a break above the base-channel resistance line as it was expected as wave three unfolds. The first target we are looking for is at 1.6481, but in the longer term we are looking for much higher levels as major wave C unfolds. In the short term minor resistance at 1.6024 could protect the upside for a minor and likely sub-normal correction towards 1.5979 and may be 1.5939 before the next swing higher towards 1.6085 and 1.6134 on the way towards 1.6481.
Trading recommendation:
We are long EUR from 1.5790 and will move our stop higher to 1.5820. If you are not long EUR already, then buy near 1.5979 with the same stop.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6134
R2: 1.6085
R1: 1.6024
Current spot: 1.6002
S1: 1.5937
S2: 1.5888
S3: 1.5826
Technical overview:
As we have entered the powerful wave iii of 3 we should see acceleration towards the upside. We have seen a break above the base-channel resistance line as it was expected as wave three unfolds. The first target we are looking for is at 1.6481, but in the longer term we are looking for much higher levels as major wave C unfolds.
In the short term minor resistance at 1.6024 could protect the upside for a minor and likely sub-normal correction towards 1.5979 and may be 1.5939 before the next swing higher towards 1.6085 and 1.6134 on the way towards 1.6481.
Trading recommendation:
We are long EUR from 1.5790 and will move our stop higher to 1.5820. If you are not long EUR already, then buy near 1.5979 with the same stop.
The material has been provided by InstaForex Company – www.instaforex.com
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