With the break above important short-term resistance at 1.6590, we had the confirmation we needed to say that we did see the bottom of wave iv at 1.6388 and wave v higher towards the ideal target near 1.7640 is now developing. In the short term, we now find support at 1.6651 and strong support at 1.6595, which ideally will hold for the next rally higher towards our next targets 1.6913 and 1.6983, but they should just be small bumps on the way higher towards our ideal target near 1.7640.
Trading recommendation:
We long EUR at 1.6450 and will move our stop higher to break-even at 1.6450. If you do not have long positions on EUR yet, then buy near 1.6651 or upon a break above 1.6754 with a stop at 1.6450 too.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s support and resistance levels:
R3: 1.6864
R2: 1.6800
R1: 1.6759
Current spot: 1.6725
S1: 1.6670
S2: 1.6629
S3: 1.6595
Technical overview:
With the break above important short-term resistance at 1.6590, we had the confirmation we needed to say that we did see the bottom of wave iv at 1.6388 and wave v higher towards the ideal target near 1.7640 is now developing. In the short term, we now find support at 1.6651 and strong support at 1.6595, which ideally will hold for the next rally higher towards our next targets 1.6913 and 1.6983, but they should just be small bumps on the way higher towards our ideal target near 1.7640.
Trading recommendation:
We long EUR at 1.6450 and will move our stop higher to break-even at 1.6450. If you do not have long positions on EUR yet, then buy near 1.6651 or upon a break above 1.6754 with a stop at 1.6450 too.
The material has been provided by InstaForex Company – www.instaforex.com
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