Technical summary:
The correction in wave iv became more volatile than expected. We expect resistance at 1.4631 to protect the upside for a break below support at 1.4366, confirming the final leg lower towards 1.4048 and even lower to 1.3864. A break above 1.4631 turns the picture around and indicates that a firm bottom was found at 1.4240 and a rally back to 1.5820 should be expected.
Trading recommendation:
We are short EUR from 1.4545. We will move our stop lower to 1.4510 to protect our self in this volatile environment
The material has been provided by InstaForex Company - www.instaforex.com
