Wave summary:
A corrective low was seen at 1.5397 and a new impulsive rally is about to launch. Short term, we will like to see support at 1.5438 to protect the downside for a break above minor resistance at 1.5571 and more importantly above resistance at 1.5646 that will accelerate prices higher towards 1.6166 and above towards 1.6637 as the next upside targets.
Only an unexpected break below 1.5397 will prolong the corrective decline from 1.5839 closer to 1.5296.
Trading recommendation:
We are long EUR from 1.5627 with stop placed at 1.5390. If you are not long EUR yet, then buy upon a break above 1.5571 and place your stop at 1.5430.
The material has been provided by InstaForex Company - www.instaforex.com