We have seen the expected dip closer to support in the 1.7290 - 1.7300 zone (the low has been seen at 1.7267). Short-term a break above minor resistance at 1.7333 will be the first good indication that the corrective decline in red wave ii/ has completed and red wave iii/ is ready to take over for a rally towards 1.8253.
A break above resistance at 1.7459 confirms that red wave ii/ has completed and red wave iii/ is developing.
R3: 1.7497
R2: 1.7459
R1: 1.7384
Pivot: 1.7333
S1: 1.7294
S2: 1.7267
S3: 1.7218
Trading recommendation:
We will buy EUR upon a break above minor resistance at 1.7333 and place our stop at 1.7233.
The material has been provided by InstaForex Company - www.instaforex.com