Wave summary:
Important support at 1.6229 has protected the downside nicely and the strong rally from the 1.6242 low does indicate that a firm low is in place. That also keeps our long-term count intact calling for a rally to 1.6830 and above here will call for an acceleration much higher.
In the short term, we are now looking for support near 1.6313 for the next rally higher to 1.6625 and 1.6830.
Trading recommendation:
We will buy EUR at 1.6325 with stop placed at 1.6225
The material has been provided by InstaForex Company - www.instaforex.com