Today’s support and resistance levels:
Current spot: 1.5751
The decline to a new low at 1.5643, does not really fit the picture, but we still think that wave iv of the expanded diagonal either has ended or will end with a slight new low just below 1.5643 for a rally towards 1.6446 on the way higher to 1.6800. Short term, we should expect resistance near 1.5785 for one final decline to 1.5643 or just below before a new strong rally higher.
We will buy EUR at 1.5655 with a stop at 1.5520.
The material has been provided by InstaForex Company – www.instaforex.com