Wave summary:
The break above minor resistance at 1.5639 indicates that red wave ii completed already at 1.5503 and red wave iii towards at least 1.6232 now is developing.
Short-term, we would like to see a firm break above minor resistance at 1.5712 as confirmation that red wave ii indeed has completed and red wave iii is developing.
R3: 1.5931
R2: 1.5801
R1: 1.5712
Pivot: 1.5650
S1: 1.5566
S2: 1.5500
S3: 1.5450
Trading recommendation:
We are long EUR from 1.5645 with stop placed at 1.5210. Upon a break above 1.5712 our stop will be moved higher to 1.5450.
The material has been provided by InstaForex Company - www.instaforex.com