The break back below support at 1.5712 has taken us by surprise. Short term, we might even see a continuation slightly below 1.5509 before red wave ii is complete and a new impulsive rally to above 1.5887 will be seen in red wave iii.
Only a break above minor resistance at 1.5737 confirms, that red wave iii is developing.
Our stop at 1.5600 was hit for a loss of 45 pips. We will re-buy EUR at 1.5510 or upon a break above 1.5737.
The material has been provided by InstaForex Company – www.instaforex.com