Wave summary:
We have seen a direct break above 1.6020 confirming that wave [ii] completed early and wave [iii] higher towards 1.6655 now should be developing. That said, we would like to see upside acceleration to confirm that we are indeed in wave [iii] of iii/ of iii higher. This means minor support seen at 1.5962 max. 1.5803 should be able to protect the downside for the expected acceleration higher.
R3: 1.6469
R2: 1.6354
R1: 1.6200
Pivot: 1.6020
S1: 1.5962
S2: 1.5803
S3: 1.5764
Trading recommendation:
We are long EUR from 1.5665. We will move our stop higher to 1.5800. If you are not long EUR yet, then buy near 1.5962 and use the same stop at 1.5800.
The material has been provided by InstaForex Company - www.instaforex.com