Wave summary:
After the strong rally of the 1.6244 low, we saw a rally to 1.6492 followed by a corrective decline to 1.6302 and we are now looking for a break above minor resistance at 1.6450 confirming the next impulsive rally higher to at least 1.6705 and more likely higher to 1.6955 as wave 3 finally begins to accelerate higher.
Only an unexpected break below 1.6244 will invalidate the bullish outlook.
Trading recommendation:
We are long in EUR from 1.6325 with stop placed at 1.6225. If you are not long in EUR yet, then buy upon a break above 1.6450 and place stop at 1.6300.
The material has been provided by InstaForex Company - www.instaforex.com