Wave summary:
We are still waiting for some real upside acceleration, but to signal the beginning of this upside acceleration, a break above resistance at 1.6800 and, more importantly, a break above 1.6874 is needed to call for a rally to 1.7220 on the way higher towards 1.8550.
Support is seen at 1.6624 and is expected to continue to protect the downside for a break above 1.6800.
Should support at 1.6624 be broken, back-up support is seen at 1.6585.
Trading recommendation:
We are long in EUR from 1.6250 with stop placed at 1.6600. If you are not long in EUR yet, then buy near 1.6624 or upon a break above 1.6800 and use the same stop at 1.6600.
The material has been provided by InstaForex Company - www.instaforex.com