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].
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