Technical summary:
We have seen a small expanded flat correction as green wave ii and is looking for an extended green wave iii higher to 1.4576 soon. Ideally, we will see support at 1.4260 protecting the downside for a break above minor resistance at 1.4334 and more importantly above 1.4343 confirming the rally to 1.4576. In the longe term, we are looking for a break above resistance at 1.4631 to confirm that a firm bottom is in place at 1.4128 and a new impulsive rally is prepearing.
Trading recommendation:
Our stop+reverse at 1.4315 was hit for a nice profit and now we are going to place our stop at 1.4120 expecting to be able to raise the stop quickly.
The material has been provided by InstaForex Company - www.instaforex.com
