Wave summary:
Another sideways consolidation is unfolding between 1.6010 to 1.6110. We favor a break above the resistance at 1.6110 for a rally to above 1.6236 confirming continuation higher towards 1.6969. A break of the support at 1.6010 will call for a move closer to 1.5920 before the renewed upside pressure should be expected.
R3: 1.6349
R2: 1.6236
R1: 1.1610
Pivot: 1.6050
S1: 1.6000
S2: 1.5920
S3: 1.5832
Trading recommendation:
We will buy EUR at 1.5950 or upon a break above 1.6125.
The material has been provided by InstaForex Company - www.instaforex.com