Wave summary:
The most likely scenario remains, that wave i completed with the test of 1.7408 and wave ii lower to 1.6619 now is developing. Short-term a break below minor support at 1.7209 and more importantly a break below support at 1.7157 is needed to confirm that wave i has peaked and wave ii lower is developing.
Trading recommendation:
We are long EUR from 1.6770 and we will move our stop + revers higher to 1.7200 and we will place our take-profit + reverse at 173.25 - if this order is done our new stop will be placed at 174.15.
The material has been provided by InstaForex Company - www.instaforex.com