Wave summary:
We are finally seeing some real pressure on the resistance-line from 1.7223. A clear breakout above this resistance line is the first indication that a firm low has been seen at 1.6085 and a new impulsive rally is developing. To confirm that wave [iii] is developing, we still need a breakout above minor resistance at 1.6475 and more importantly a breakout above resistance at 1.6637. But if the latter gets broken, there will be no more doubts and wave [iii] higher to 1.8558 will develop.
Trading recommendation:
We are long EUR from 1.6125 and will move our stop higher to 1.6075. If you are not long EUR yet, then buy upon a breakout above 1.6475 and use the same stop at 1.6075.
The material has been provided by InstaForex Company - www.instaforex.com