Wave summary:
After the expected minor correction to 1.5171 (the low came in at 1.5168), a strong rally above important resistance at 1.5347 has finally been seen to confirm that wave iii higher towards 1.6656 finally is developing.
The former important resistance at 1.5347 will now work as support for the next rally higher to 1.5764 on the way higher to 1.6656.
R3: 1.5764
R2: 1.5659
R1: 1.5516
Pivot: 1.5450
S1: 1.5347
S2: 1.5295
S3: 1.5168
Trading recommendation:
We are long EUR from 1.5350 and will move our stop higher to 1.5150. If you are not long EUR yet, then buy near 1.5347 and use the same stop at 1.5150.
The material has been provided by InstaForex Company - www.instaforex.com