Wave summary:
We still think that a low of wave [ii] was found at 1.6142 and that wave [iii] is unfolding higher towards 1.7191 as the first major target for wave [iii]. In the longer term higher levels should be seen. However, a deeper decline from 1.6445 can not push the pair below a low of 1.6142 as this will invalidate the short-term count.
To indicate that wave [ii] is over a breakout above minor resistance at 1.6277 is needed, while a breakout above resistance at 1.6336 is needed to confirm that wave [ii] has ended and wave [iii] higher towards 1.7190 is developing. while a break above resistance at 1.6336 is needed to confirm that wave [ii] has ended and wave [iii] higher towards 1.7190 is developing.
Trading recommendation:
Our stop at 162.10 was hit for a small loss. We will only buy on a breakout above 1.6277 and place stop at 1.6140.
The material has been provided by InstaForex Company - www.instaforex.com