The break below minor support at 1.7716 indicates that red wave iii completed at 1.7825 and red wave iv towards 1.7605 is developing. Once this correction is complete, renewed upside pressure towards 1.8030 and possibly even closer to 1.8369 is expected.
Short-term, we expect minor resistance at 1.7791 will cap the upside for the decline closer to 1.7605.
R3: 1.7954
R2: 1.7900
R1: 1.7825
Pivot: 1.7791
S1: 1.7736
S2: 1.7700
S3: 1.7650
Trading recommendation:
Our stop at 1.7730 was hit for a nice 400 pips profit. We will wait for a dip to 1.7615 before buying EUR.
The material has been provided by InstaForex Company - www.instaforex.com