Technical summary:
The correction from 1.4495 became deeper than expected, but as long as support at 1.4230 protects the downside, we will expect powerful rally as a series of wave three's to unfold. The best fit is that a series of waves oneand two is unfolding and now a series of wave three should develop. A break above minor resistance at 1.4440 will confirm this count and call for a rally towards at least 1.4595 and possibly even higher.
Trading recommendation:
Our stop at 1.4375 was hit for a l+nice little profit. We will buy EUR again at 143.35 or upon a break above 143.70 (one order done cancels the other) stop will be placed at 1.4225
The material has been provided by InstaForex Company - www.instaforex.com
