Wave summary
We continue to look for more downside pressure towards 1.5604 as the first minor stop was moved lower. After correction back to the resistance at 1.6085, a new decline closer to 1.4980 should be expected.
The corrective decline from 1.9023 is still unfolding and a break below important support at 1.6104 confirmed that wave C towards 1.4471 is developing.
Trading recommendation:
We are short on the EUR from 1.6010 and will move our stop lower to 1.6090.
The material has been provided by InstaForex Company - www.instaforex.com