Wave summary:
Red wave iv stopped cold at 1.6137 and turned strongly higher and a break above minor resistance at 1.6441 will confirm that red wave iv has completed and red wave v higher towards 1.6875 is developing.
A minor break above 1.6441 will likely be followed by a correction to 1.6245 before turning higher again for the expected rally to 1.6875.
R3: 1.6536
R2: 1.6488
R1: 1.6441
Pivot: 1.6400
S1: 1.6343
S2: 1.6245
S3: 1.6167
Trading recommendation:
We missed our buying opportunity at 1.6060. We will place a new EUR-buy order at 1.6265 with stop placed at 1.6150.
The material has been provided by InstaForex Company - www.instaforex.com