Wave summary:
Red wave iv ideally completed with the test of 1.6327 and red wave v to above 1.6690 should be developing. A firm break above minor resistance at 1.6488 and more importantly a break above resistance at 1.6569 will confirm that wave iv has completed and red wave v higher is developing for a rally towards 1.6883.
R3: 1.6624
R2: 1.6569
R1: 1.6522
Pivot: 1.6488
S1: 1.6395
S2: 1.6327
S3: 1.6309
Trading recommendation:
We bought EUR at 1.6395 and we have placed our stop at 1.6295. If you are not long EUR yet, then buy EUR upon a break above 1.6488 and use the same stop at 1.6290.
The material has been provided by InstaForex Company - www.instaforex.com