Wave summary:
With a low seen at 1.6434 followed by a strong rally above the resistance-line near 1.6590 red wave [ii] clearly is over and red wave [iii] higher towards 1.6988 and likely even higher to 1.7273 is expected.
Short term, support is now seen at 1.6640 with back-up support seen at 1.6603, but we doubt we will see the later tested again.
Trading recommendation:
We missed our buying target at 1.6420 and will instead buy here at 1.6680 with stop placed at 1.6430.
The material has been provided by InstaForex Company - www.instaforex.com