Wave summary:
The failure to accelerate higher and the break below minor support seen at 1.5987 indicates that a slightly deeper correction towards 1.5836 should be expected before the next impulsive rally higher towards 1.6655.Short term, minor resistance is seen at 1.6154, which should be able to cap the upside for a deeper corrective decline to 1.5836 and then higher again from here.
R3: 1.6354
R2: 1.6237
R1: 1.6154
Pivot: 1.6100
S1: 1.5971
S2: 1.5908
S3: 1.5836
Trading recommendation:
We are long EUR from 1.5665 with stop placed at 1.5800. If you are not long EUR yet, then buy near 1.5836 and use the same stop at 1.5800.
The material has been provided by InstaForex Company - www.instaforex.com