Wave summary:
We continue to look for a confirmation that wave [ii] is over and wave [iii] higher towards 1.8629 is unfolding. Ideally we will see the low at 1.6236 protect the downside for a break above minor resistance at 1.6513 and more importantly a break above resistance at 1.6637 that would confirm wave [iii] higher is developing.
If minor resistance at 1.6513 is able to protect the upside for a break below 1.6236 a move slightly lower to 1.6111 would be expected, but at no point can a break below 1.5794 be accepted.
Trading recommendation:
We will buy EUR upon a break above 1.6513 with stop placed at 1.6230.
The material has been provided by InstaForex Company - www.instaforex.com