Wave summary:
Eventually it seems as the last part of the expected decline closer to 1.5898 is now unfolding. We have seen a new low of the decline from 1.9114 and once this decline bottoms out a major rally is expected.In the short term, we expect minor resistance at 1.6261 and more importantly resistance at 1.6377 as a break above the later indicates that the corrective decline from 1.9114 is over.
Trading recommendation:
We are look to buy EUR at 1.5925 or upon a break above 1.6377 (one order done cancels the other).
The material has been provided by InstaForex Company - www.instaforex.com