The sudden acceleration lower is a bit of a concern, but as long as support at 1.7550 is able to protect the downside, we will continue to look for more upside pressure towards 1.8030 and higher.
If, however support at 1.7550 is broken then we might need to reconsider our short- to medium count, as it opens for the possibility of the rally from 1.6534 as being part of a larger and more complex correction. We really do not likely this option, but can not reject this possibility just yet.
R3: 1.7680
R2: 1.7628
R1: 1.7596
Pivot: 1.7550
S1: 1.7497
S2: 1.7443
S3: 1.7371
Trading recommendation:
We bought EUR at 1.7615 and we will place our stop at 1.7515. If you are not long EUR yet, then buy a break above minor resistance at 1.7679 and start by using the same stop at 1.7515.
The material has been provided by InstaForex Company -
www.instaforex.com