Wave summary:
The break above minor resistance seen at 1.5869 was the first indication that wave ii/ completed early in a running flat instead of the expected dip below 1.5588 in an expanded flat. To confirm that wave iii/ is indeed developing, we still need to see a break above 1.6002, but once seen that will call for a continuation higher towards 1.6655 as the next upside target.
R3: 1.6157
R2: 1.6088
R1: 1.6002
Pivot: 1.5900
S1: 1.5800
S2: 1.5773
S3: 1.5689
Trading recommendation:
We are long EUR from 1.5869 and will place our stop at 1.5650.
The material has been provided by InstaForex Company - www.instaforex.com