Technical summary:
Red wave ii corrected almost 100% of red wave i and we are now looking for a break above a minor resistance at 1.4768, which confirms that red wave iii is developing higher towards at least 1.4990. Short term, we expect minor support around 1.4616 - 1.4634 area to protect the downside against the expected break above 1.4768, confirming that red wave iii is developing.
Trading recommendation:
We are long EUR from 1.4725 and will keep our stop at 1.4550. If you are not long EUR yet, then buy near 1.4634 with the same stop at 1.4550.
The material has been provided by InstaForex Company - www.instaforex.com
