Wave summary:
We have seen the expected decline from 1.5711, but it has not been able to break below support at 1.5480 yet. This could still be seen, but then minor resistance at 1.5639 ideally should be able to cap the upside. If this resistance is broken then a running flat, will be the most likely corrective pattern and a new impulsive rally towards 1.6232 already developing.
R3: 1.5931
R2: 1.5801
R1: 1.5712
Pivot: 1.5600
S1: 1.5500
S2: 1.5450
S3: 1.5400
Trading recommendation:
We are long EUR from 1.5645 with stop placed at 1.5210. If you are not long EUR yet, then buy near 1.5450 or upon a break above 1.5639 and use the same stop at 1.5210.
The material has been provided by InstaForex Company - www.instaforex.com