Technical summary:
We continue to look for a strong rally higher to 1.8289, but the correction in wave ii has taken longer than first expected. To confirm that the correction in wave ii is over, we need a break above resistance at 1.7955, which will call for the next impulsive rally in wave iii towards 1.8289 and more likely higher to 1.8702 as wave iii was expected to extend.
Trading recommendation:
We are long EUR from 1.7490 with stop placed at 1.7620. If you are not long yet, buy on a break above 1.7955 with stop placed at 1.7620.
The material has been provided by InstaForex Company - www.instaforex.com