Wave summary:
With the clear break above 1.5538 we have seen the first strong indication that the corrective decline in wave ii completed at 1.5411 and wave iii higher towards 1.6652 is developing. To confirm that wave iii indeed is well underway, we still need to see a break of the resistance at 1.5660 to trigger the buy setup, but we expect it will only be a matter of time before this resistance is taken out and wave iii can accelerate higher.
Trading recommendation:
We are long EUR from 1.5540 with stop placed at 1.5400. If you are not long EUR yet, then buy at 1.5465 or upon a break above 1.5660 and use the same stop at 1.5400.
The material has been provided by InstaForex Company - www.instaforex.com