Today's support and resistance levels:
R3: 1.6089
R2: 1.6062
R1: 1.6043
Current spot: 1.6023
S1: 1.6023
S2: 1.5995
S3: 1.5970
Technical summary:
The correction in red wave ii has reached its 1.6025 target. Now, we will be looking for a break above minor resistance at 1.6062 as the first good indication, that red wave iii higher to 1.6446 is developing. However, to confirm that red wave ii is over a break above 1.6089 is needed. The risk now is a break below support at 1.5960 and more importantly a break below 1.5903 that will revive the expanding diagonal alternative count.
Trading recommendation:
We are long in EUR from 1.6065 with stop placed at 1.6000. If you are not long in EUR yet, then buy a break above 1.6089 with the same stop at 1.6000
The material has been provided by InstaForex Company - www.instaforex.com
