Technical summary:
The correction in blue wave iv entered the resistance area between 1.5330 - 1.5350 before turning lower again. We will now be looking for a break below support at 1.5175 to confirm that blue wave iv ended at 1.5331 and blue wave v lower to 1.4970 is developing. In the short term, we should ideally see minor resistance at 1.5228 protect the upside for a break below support at 1.5175 confirming the next decline towards 1.4970. Only an unexpected break above resistance at 1.5287 will delay the expected decline in blue wave v.
Trading recommendation:
We sold EUR at 1.5320 and will move stop lower to 1.5340. If you are not short EUR yet, then sell a break below 1.5175 with a stop at 1.5290.
The material has been provided by InstaForex Company - www.instaforex.com
