Wave summary:
The resistance line at 116.28 is currently being tested near 113.60 and a break above it will add confidence in red wave ii being in place at 112.57, while a break above 114.52 confirm that red wave iii is developing for a rally to 116.28 and above towards 122.00.
In the long term, we are looking for much higher levels, but some hurdles still have to be cleared for the price to rally further.
Trading recommendation:
We are long EUR from 112.95 and we will move our stop higher to 112.50. If you are not long EUR yet, then buy upon a break above 113.60 and use the same stop at 112.50.
The material has been provided by InstaForex Company – www.instaforex.com
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