Wave summary:
The rally of the 1.5215 low is clearly impulsive and it should just be a matter of time before the next impulsive rally higher towards 1.5931 and 1.6252 is seen. Longer term, we are looking for a clear break above resistance at 1.6252 to confirm continuation higher towards 1.6759 and above.
R3: 1.5931
R2: 1.5801
R1: 1.5679
Pivot: 1.5600
S1: 1.5531
S2: 1.5448
S3: 1.5393
Trading recommendation:
We are long EUR from 1.5645 and will start by placing our stop at 1.5210 expecting to move it higher soon. If you are not long EUR yet, then buy near 1.5450 or upon a break above 1.5679 and use the same stop.
The material has been provided by InstaForex Company - www.instaforex.com
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