Wave summary:
Wave (ii) has turned into an expanded flat correction. We have waves a and b in place and are looking for wave c higher to 1.5935 and maybe even closer to 1.6005 before wave (iii) lower towards 1.4490 takes over.
When a second wave turns into an expanded flat correction, an extended third wave should always be expected, and the first extension target is seen at 1.4490.
In the short term, look for a break above minor resistance at 1.5684 confirming the minor rally higher to 1.5935 before a move lower again.
Trading recommendation:
We will sell EUR at 1.5935 with stop placed at 1.6035.
The material has been provided by InstaForex Company - www.instaforex.com