Today's support and resistance levels:
R3: 1.5844
R2: 1.5825
R1: 1.5799
Current spot: 1.5771
S1: 1.5767
S2: 1.5735
S3: 1.5693
Technical summary:
We saw the expected decline in wave c of 2 to just below our target at 1.5716 (the low came in at 1.5693). Now, we are looking for a break above resistance at 1.5824 and more importantly a break above resistance at 1.5867 to confirm that wave 3 is developing for a rally towards at least 1.6188 and more likely even higher towards 1.6496 as we should expect extension in wave 3. Short-term support at 1.5767 will ideally protect the downside for the expected break above 1.5824, but only a break below 1.5692 will delay the expected rally in wave 3.
Trading recommendation:
Our patience was honored and we bought EUR at 1.5725 with a stop at 1.5690. If you are not long in EUR yet, then buy near 1.5767 with the same stop at 1.5690.
The material has been provided by InstaForex Company - www.instaforex.com
