Wave summary;
Red wave ii is likely turning into an expanded flat correction, which calls for a final decline to just below 1.5480 before turning strongly higher in red wave iii. After an expanded flat wave two correction, the following wave three rallies should be expected to extend and that will call for a rally to at least 1.6232 and possibly even higher.
R3: 1.5931
R2: 1.5801
R1: 1.5712
Pivot: 1.5650
S1: 1.5600
S2: 1.5500
S3: 1.5450
Trading recommendation:
We are long EUR from 1.5645 with stop placed at 1.5210. If you are not long EUR yet, then buy EUR near 1.5450 and use the same stop.
The material has been provided by InstaForex Company - www.instaforex.com
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