The correction in wave iv ended already at 1.4724 before moving higher in wave v with the first possible upside target coming in at 1.5109 and the next target at 1.5350. Support is now found at the top of wave iii at 1.4899, which ideally will protect the downside for the rally towards 1.5109 as maybe even higher to 1.5350.
A five wave rally can be counted from the 1.3880 low, but just because we can count five waves does not mean a top is in place. What if the the rally, we currently have labeled iii only is wave i/ of iii which means much more upside action will be coming. So stay alert, but do not try selling EUR as that could hurt you badly.
We bought EUR again at 1.4825 and will move our stop higher to 1.4765. If you are not long EUR yet, then buy EUR near 1.4944 with the same stop at 1.4765.
The material has been provided by InstaForex Company – www.instaforex.com