Wave summary:
The expected rally has failed miserably and we are currently seeing a test of the support line from 1.5784. This support-line near 1.6229 needs to protect the downside or we will have to review our count.
A break below 1.6229 could indicate that an even deeper corrective decline from 1.9023 is unfolding closer to support at 1.4938. This is not yet our preferred count, but an option we are currently considering.
Trading recommendation:
Our stop at 1.6370 was hit and we will stand aside for now awaiting a more clear picture.
The material has been provided by InstaForex Company - www.instaforex.com