Wave summary:
The break above the resistance-line from 116.28 is the first strong indication that the corrective decline in red wave ii completed at 112.57 and red wave iii to above 116.28 now is developing.
A break above resistance at 114.52 will confirm that red wave ii completed at 112.57, and that red wave iii higher to 116.28 and above is developing.
Our preferred long term count continues to support that the corrective decline from 149.56 completed at 109.48 and that a new impulsive rally is developing.
Trading recommendation:
We are long EUR from 112.95 and will move our stop higher to 113.20. If you are not long EUR yet, then buy near 113.84 or upon a break above 114.52, and use the same stop at 113.20
The material has been provided by InstaForex Company – www.instaforex.com
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