Wave iii have finally bottomed and a correction in wave iv is now expected towards at least 1.6694 and likely even closer to the peak of wave iv at 1.6767.
Short-term support is now seen in the 1.6434 - 1.6464 area, which is expected to protect the downside for the rally higher to 1.6694
R3: 1.6694
R2: 1.6614
R1: 1.6540
Pivot: 1.6470
S1: 1.6464
S2: 1.6434
S3: 1.6407
Trading recommendation:
We are long EUR from 1.6400 and we will place our stop at break-even.
The material has been provided by InstaForex Company - www.instaforex.com