The break above resistance at 1.7103 confirmed that wave (v) higher was not over yet and the decline from 171.03 only had been a wave ii correction and a strong rally in wave iii should be expected.
The next upside target is seen at 1.7598, but this will likely only provide temporary resistance, before a continuation higher to 1.7639 or even 1.8336 is seen.
Our stop at 1.7110 was hit. We will buy EUR at 1.7223 and place stop at 1.6970 expecting to move it higher quickly.
The material has been provided by InstaForex Company – www.instaforex.com