Red wave iv is likely evolving into a triangle consolidation using up time instead of points. If a triangle is developing, then we should expected the completion of red wave iv soon and the start of red wave v higher towards 1.8030.
A break above 1.7804 will confirm that red wave iv has completed and red wave v is developing. That said, under the triangle count support at 1.7712 should be able to protect the downside. A break below minor support at 1.7712 will re-open the possibility for a final dip to 1.7594 before completing red wave iv.
R3: 1.7954
R2: 1.7900
R1: 1.7825
Pivot: 1.7804
S1: 1.7755
S2: 1.7712
S3: 1.7683
Trading recommendation:
We will buy EUR at 1.7615 or upon a break above 1.7804
The material has been provided by InstaForex Company -
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