We saw an anticipated correction in red wave iv. We should see red wave v soon moving higher towards 1.5640 to finish the first impulsive rally in wave (iii). Once this first impulsive rally is over, a correction to 135.10 (bottom of red wave iv) should be expected.
In the long term, we are looking for much higher levels with 1.5802 being the next major upside target.
We are long EUR from 1.5080 and will move our stop higher to 1.5300. If you are not long EUR yet, buy on a break above 1.5392 and place stop at 1.5300 too.
The material has been provided by InstaForex Company – www.instaforex.com