Once again our patience was tested as blue wave ii moved lower than expected, but important support at 1.6329 was never in any real danger of being broken. We will now look for a break above minor resistance at 1.6535 confirming that blue wave iii higher is developing for a rally towards at least 1.6907 and more likely even higher to 1.7050 on the way higher to 1.7154.
Only an unexpected break below support at 1.6329 will force a re-count for the short term.
We are long EUR from 1.6588 and will keep our stop at 1.6320. If you are not long EUR yet, then buy a break above 1.6535 and use the same stop at 1.6320.
The material has been provided by InstaForex Company – www.instaforex.com