Technical summary:
The correction from 1.5472 has turned into an expanded flat correction and with the test of 1.5679 no more correction is needed, but to confirm that the correction is over, a break below 1.5572 is needed and a break below this support will confirm a new test of support at 1.5439 on the way towards strong support at 1.5407. Only an unexpected break above 1.5724 will confuse the picture and call for a continuation higher towards strong resistance at 1.5849.
Trading recommendation:
We sold EUR at 1.5620 and has placed our stop at 1.5725. If you are not short EUR yet, then sell near 1.5679 with the same stop at 1.5725.
The material has been provided by InstaForex Company - www.instaforex.com
