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Wave summary:

The rally from 1.4554 is just as strong as we expected and more upside continues to be expected closer to 1.5286, where wave [iii] will be 200% of the length of wave [i]. Short-term minor support is seen at 1.4999, which ideally will protect the downside for the rally higher to 1.5286 before a shallow correction is seen in wave [iv].

R3: 1.5286

R2: 1.5193

R1: 1.5140

Pivot: 1.5100

S1: 1.5000

S2: 1.4945

S3: 1.4877

Trading recommendation:

We are long EUR from 1.4840 and we will move our stop to break-even. If you are not long EUR yet, then buy near 1.4999 or upon a break above 1.5100 and use the same stop at 1.4840.

The material has been provided by InstaForex Company – www.instaforex.com

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