Wave summary:
Red wave ii has turned into an expanded flat, which is now calling for an extended rally in red wave iii. Ideally red wave ii completed with the test of 1.5419 and red wave iii towards at least 1.6232 now is developing. To confirm red wave iii is developing, we need to see a break above minor resistance at 1.5737.
Trading recommendation:
We bought EUR at 1.5510 and have placed our stop at 1.5410. If you are not long EUR yet, then buy near 1.5510 or upon a break above 1.5737 and use the same stop.
The material has been provided by InstaForex Company - www.instaforex.com