Wave summary:
We continue to favor a break above minor resistance at 1.5153 and more importantly above resistance at 1.5282 for upside acceleration towards the 1.5837 - 1.5869 area. That said, we have to acknowledge the possibility that the corrective decline from 1.5235 could move closer to 1.4900 before completing and setting the stage for the next impulsive rally higher.
R3: 1.5282
R2: 1.5228
R1: 1.5153
Pivot: 1.5095
S1: 1.4977
S2: 1.4960
S3: 1.4900
Trading recommendation:
We are long EUR from 1.5123 with stop placed at 1.4955. If you are not long EUR yet, then buy near 1.4977 or upon a break above 1.5282 and use the same stop at 1.4955.
The material has been provided by InstaForex Company - www.instaforex.com