Wave summary:
We still think that the best wave count is that a bottom of the corrective decline from 1.9114 was found at 1.6124, but the move higher does look very convincing. A break above resistance at 1.6515 will do the job and call for a continuation higher to 1.6950 and above.
However, as long as resistance at 1.6515 is able to protect the upside, the risk remains that a new low below 1.6124 could be seen. The downside target would then be 1.6024.
Trading recommendation:
Our stop at 1.6180 was hit and we will stay neutral for now.
The material has been provided by InstaForex Company - www.instaforex.com