Wave summary:
It is very disappointing to see this cross making a new corrective low. The breakout below the former low of 1.6338 has just made this correction even more complex and calls for a move closer to 1.6108 before the next possible bottom.
Short-term minor resistance is seen at 1.6454, which is likely to protect the upside for a move closer to 1.6108. Only a breakout above important short-term resistance at 1.6688 will confirm that a low is in place and a new impulsive rally is developing.
Trading recommendation:
This correction keeps throwing the worst curve balls at us and we will stand aside for a while.
The material has been provided by InstaForex Company - www.instaforex.com