EUR/USD has respected key support at 1.1704 and seems to have bottomed just above at 1.1790 and we will now be looking for a break above minor resistance at 1.1895 as the first strong indication that wave 2 has bottomed and wave 3 is headed higher towards the long-term target at 1.2763.
A break above resistance at 1.1975 will confirm that wave 2 has completed and wave 3 is in motion for the next impulsive rally in circle wave 5
Trading recommendation:
Buy EUR for a rally towards 1.2763 and place your stop at 1.1700
The material has been provided by InstaForex Company - www.instaforex.com