Wave summary:
We have seen the expected decline closer to 1.5645 (the low came in at 1.5588) before a strong recovery was seen. We will now be looking for a break above 1.6020 as confirmation that the next impulsive rally higher towards 1.6655 is developing.
Short-term, we should see support in the 1.5726 - 1.5764 area for the expected break above 1.6020.
Only an unexpected break below support at 1.5588 will delay the expected rally in a more complex correction.
R3: 1.6100
R2. 1.6020
R1: 1.5958
Pivot: 1.5900
S1: 1.5806
S2: 1.5764
S3: 1.5726
Trading recommendation:
We bought EUR at 1.5665 and will place our stop at 1.5585. If you are not long EUR yet, then buy in the 1.5726 - 1.5764 area and use the same stop.
The material has been provided by InstaForex Company - www.instaforex.com