Wave summary:
It should be just a matter of time before minor resistance at 1.6508 is taken out. This will be the first good indication that a low is in place for the next impulsive move higher. To confirm that a low was seen at 1.6229, a break above 1.6725 will be needed, but once this resistance is cleared, we do think that the upside acceleration we have been waiting for will finally take place for a rally to 1.7220 and higher to 1.8551.
Short term minor support is now found at 1.6373 and again at 1.6331.
Trading recommendation:
We are long in EUR from 1.6250 and will move our stop higher to 1.6325. If you are not long in EUR yet, then buy a break above 1.6508.
The material has been provided by InstaForex Company - www.instaforex.com