Wave summary:
We still need a firm break above important resistance seen at 1.4866 to confirm that a long-term low is in place with the test of 1.4495 and a new long-term impulsive rally has begun. Short term, we need to accept a more complex wave [ii] correction unfolding to just below 1.4618 as long as important resistance at 1.4866 holds firm. Under no circumstances can a break below 1.4495 be allowed under this count.
R3: 1.4955
R2: 1.4866
R1: 1.4803
Pivot: 1.4718
S1: 1.4661
S2: 1.4610
S3: 1.4571
Trading recommendation:
We are long EUR from 1.4840 with stop placed at 1.4490. If you are not long EUR yet, then buy a break above 1.4866 and use the same stop at 1.4490.
The material has been provided by InstaForex Company - www.instaforex.com