Wave summary:
As expected, the corrections is quite weak and will likely remain the same as the impulsive rally in wave iii continue to unfold towards 1.6655. In the short term, we will be looking for a move closer to 1.6000 before the price shows another minor corrective decline towards 1.5798 and then higher again.
R3: 1.6485
R2: 1.6115
R1: 1.6000
Pivot: 1.5800
S1: 1.5725
S2: 1.5670
S3: 1.5576
Trading recommendation:
We are long EUR from 1.5350. We will move our stop higher to 1.5705. If you are not long EUR yet, then buy near 1.5798 and use the same stop.
The material has been provided by InstaForex Company - www.instaforex.com
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