Today’s support and resistance levels:
Current spot: 1.5953
We have seen a top for blue wave i slightly above our expected target at 1.6003 (the high has been seen at 1.6041). We will now be looking for a correction in blue wave ii towards at least 1.5903, where blue wave ii will have corrected 38.2% of blue wave i, but we will have to remember, that corrections in the second wave can be very deep and are allowed to correct 100% of the first wave, so we will await a more clear picture of the path this correction will take before deciding where to buy EUR again.
Our take profit at 1.6000 has been hit for a nice profit. We will await a better EUR-buying opportunity closer to 1.5903.
The material has been provided by InstaForex Company – www.instaforex.com