We are looking for red wave ii to complete in the 1.7196 – 1.7258 target-zone. Once this correction is complete a new impulsive rally to above 1.7487 is expected for a continuation higher to 1.7924 and 1.8369 as the next upside important upside targets.
Short-term only a break above minor resistance at 1.7356 will indicate that a corrective low has been seen for red wave ii and red wave iii is taking over for a rally to above 1.7487.
We will re-buy EUR at 1.7245 or upon a break above 1.7356.
The material has been provided by InstaForex Company – www.instaforex.com