Wave summary:
A price swing were quite volatile yesterday, but nothing has changed in the general picture. Wave [ii] terminated at 1.6086 and wave [iii] higher towards 1.8551 is now developing.
Short-term support is found near 1.6589, which will ideally protect the downside for a breakout above minor resistance at 1.6768 and more importantly above the resistance line of 1.6845 confirming the next rally higher to 1.7220 on its way higher to 1.8551.
Trading recommendation:
The wild swings hit our stop at 1.6250 for a nice profit yesterday. We are looking for an opportunity to re-buy EUR at 1.6595 or upon a breakout above 1.6768 (one order done cancels the other).
The material has been provided by InstaForex Company - www.instaforex.com