Wave summary:
We are still looking for a break above minor resistance at 1.6715 to confirm that a corrective low is in place at 1.6424 and a new impulsive rally to 1.6931 and 1.7223 is developing on the way higher to the 1.8420 target. However, as long as minor resistance at 1.6715 is able to protect the upside, we must allow for more consolidation in the 1.6525 - 1.6715 area before the break finally is seen.
Trading recommendation:
We are long EUR from 1.6545 with stop placed at 1.6420. If you are not long EUR yet, then buy near 1.6525 or upon a break above 1.6715 and use the same stop at 1.6420
The material has been provided by InstaForex Company - www.instaforex.com