Today's support and resistance levels:
R3: 1.5903
R2: 1.5878
R1: 1.5838
Current spot: 1.5809
S1: 1.5772
S2: 1.5735
S3: 1.5680
Technical summary:
The decline from 1.6041 has been much stronger and deeper than expected. This is worrisome, but we have to remember, that second waves are allowed to correct 100% of the first wave, but they can not break the origin of the first wave by even a single pip as that will invalidate the bullish count. So, the origin of blue wave i at 1.5680 needs to protect the downside or the above count is invalidated calling for a 1.5709, but not below 1.5526 (wave ii of the expanded diagonal).
Trading recommendation:
We will await signs of a bottom before engaging to this market.
The material has been provided by InstaForex Company - www.instaforex.com
