Wave summary:
The rally of the wave ii low at 1.5794 continues progressing higher. We have now seen the resistance at 1.6445 tested, but not broken clearly. We think that the minor support at 1.6238 will be able to protect the downside for the next rally through resistance at 1.6445 for continuation higher to 1.6583 and likely even higher to 1.6736 as next upside targets.
Only a break below the support at 1.6131 would arouse concerns.
Trading recommendation:
We are long EUR from 1.5810 and will move our stop higher to 1.6125. If you are not long EUR already, then buy EUR near 1.6290 and use the same stop at 1.6125.
The material has been provided by InstaForex Company - www.instaforex.com