Wave summary:
We have finally seen the expected break above resistance at 1.5092 adding confidence in a long-term low being in place with the test of 1.4654. WE are now looking for a break above 1.5162 to confirm that a long-term low is in place and a new long-term impulsive rally has begun. This new impulsive rally should ultimately break above 1.9023.
The first impulsive rally from 1.4654 is in its final stages and we should soon see a correction towards at least 1.1.4956 and likely even into the 1.4840 - 1.4898 area before the next impulsive rally accelerates much higher.
Short-term We will ideally see minor support at 1.5039 protect the downside for the break above 1.5162 and from just above 1.5162 a correction will be expected.
Trading recommendation:
We are long EUR from 1.4830 and we will move our stop higher to 1.5025 and place take profit at 1.5165.
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2hYdLjQ
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