Wave summary:
We still don't have much to add here. We continue to look for evidence that the red wave ii/ has completed and the red wave iii/ higher to 1.6236 is ready to unfold. The first good indication that the red wave ii/ have completed and the red wave iii/ is developing will be a break above minor resistance at 1.5744 while a break above resistance at 1.5899 will confirm the red wave iii/ is unfolding.
R3: 1.5899
R2: 1.5828
R1: 1.5744
Pivot: 1.5650
S1: 1.5567
S2: 1.5492
S3: 1.5419
Trading recommendation:
We are long EUR from 1.5510 with stop placed at 1.5410. If you are not long EUR yet, then buy upon a break above 1.5744 and use the same stop at 1.5410.
The material has been provided by InstaForex Company - www.instaforex.com