Wave summary:
Ideally, we have seen a bottom at 1.5838 for a break above minor resistance at 1.6009 and more importantly a breakout above resistance at 1.6243 confirming that a bottom for the correction from 1.9114 is in place and a new impulsive rally to 1.8020 and above can develop.
We have to acknowledge the risk is more downside pressure towards 1.5688 and possibly even 1.5479 if minor resistance at 1.6009 is able to protect the upside.
Trading recommendation:
Our stop at 1.5850 was taken out. We will only buy on a break above 1.6009 and place our stop just below the lowest price seen.
The material has been provided by InstaForex Company - www.instaforex.com