Wave summary:
We are not going anywhere here. We suppose that a wave ii/ was seen at 1.4657 and wave iii/ higher towards 1.5282 and 1.5837 is developing, but we need a break above minor resistance at 1.4848 and, more importantly, a break above resistance at 1.4953 to get things going here. As long as minor resistance at 1.4848 is able to cap the upside, the risk remains for a break below important support at 1.4654, that will tell us that wave 2 from 1.9023 is still unfolding and more downside closer to 1.4449 can be expected.
R3: 1.4953
R2: 1.4891
R1: 1.4848
Pivot: 1.4722
S1: 1.4654 Expected wave 2 low seen in mid-December 2016
S2: 1.4560
S3: 1.4449
Trading recommendation:
We are long EUR from 1.4884 with stop placed at 1.4650. If you are not long EUR yet, then buy a break above 1.4848 or more conservatively wait for a break above 1.4953 and use the same stop.
The material has been provided by InstaForex Company - www.instaforex.com