Wave summary;
The correction from 1.5235 has turned into a double zig-zag. The ideal downside target for the second zig-zag is seen at 1.4876 from where a new impulsive rally towards 1.5837 remains expected. Only a direct break above minor resistance at 1.5143 will indicate that the correction in wave ii/ completed prematurely for the expected rally higher to 1.5837 and above in the longer term.
R3: 1.5143
R2: 1.5114
R1: 1.5019
Pivot: 1.4986
S1: 1.4930
S2: 1.4900
S3: 1.4876
Trading recommendation:
Our stop was hit. We will buy EUR at 1.4885 or upon a break above resistance at 1.5143.
