Technical summary:
The correction of red wave ii became more complex than expected, but we are looking for a break above minor resistance at 1.4762 to confirm that red wave iii is developing higher towards 1.5254. As long as minor resistance at 1.4770 protects the upside, an even more complex correction of red wave ii can not be ruled out, but the bottom at 1.4525 should be safe.
Trading recommendation:
We are long EUR from 1.4725 and will keep our stop 1.4560. If you are not long EUR yet, buy upon a break above 1.4762 with a stop at 1.4655.
The material has been provided by InstaForex Company - www.instaforex.com
