Today’s support and resistance levels:
Current spot: 1.5828
The very complex consolidation from early October finally found its resolution with the break below support at 1.5903. The break below support at 1.5903 means that the preferred count has shifted to the rare expanded diagonal count. This count call for a continuation lower in wave 4 to 1.5717 before the final strong rally in wave 5 to above 1.6446 ideally closer to 1.6800.
Our stop at 1.5875 was hit for a small loss. We will wait for a new EUR-buying opportunity near 1.5717.
The material has been provided by InstaForex Company – www.instaforex.com