Wave summary;
The correction in wave [iv] is likely to be extending now, which means we are likely to see a small bounce towards 1.5865 before the final decline towards 1.5541 to complete wave [iv] and setting the stage for the next impulsive rally in wave [v] with an ideal target seen at 1.6655.
R3: 1.5900
R2: 1.5865
R1: 1.5804
Pivot: 1.5725
S1: 1.5644
S2: 1.5541
S3: 1.5463
Trading recommendation:
We bought EUR at 1.5686 and will place our stop at 1.5640. We will take profit at 1.5850.
The material has been provided by InstaForex Company - www.instaforex.com
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