With a low of 1.6329, important support at 1.6320 held well and protected the downside for a new rally. In the short term, we expect minor support at 1.6464 to be able to protect the downside for a break above 1.6625 confirming the next impulsive rally higher towards 1.7031 and 1.7154.
It will still take a break below important support at 1.6320 to invalidate the bullish outlook and call for a deeper correction of the rally from 1.3880 to 1.6587.
We are long EUR from 1.6588 with stop placed at 1.6300. If you are not long EUR yet, then buy EUR near 1.6464 with the same stop at 1.6300.
The material has been provided by InstaForex Company – www.instaforex.com