Wave summary:
The pair is currently testing the resistance line from a high of 1.7222 near 1.6304. A clear breakout above this resistance line will be the first firm indication that wave [ii] has been completed with the test of 1.6085 and wave [iii] higher to 1.8551 is developing. To confirm that wave [iii] is unfolding, a breakout above resistance at 1.6633 will be needed.
Trading recommendation:
We are long EUR from 1.6125 and will move our stop higher to 1.6075. If you are not long EUR yet, then buy on a breakout above 1.6330 and use the same stop.
The material has been provided by InstaForex Company - www.instaforex.com