The flat correction in wave 2 is still unfolding and we could finally see a new low just below 1.6325 before this correction is over. A new rally towards 1.7277 is expected. In the short term, the final push lower can be seen as long as resistance at 1.6602 is able to protect the upside. Any break above resistance at 1.6602 will indicate that wave 2 is over and wave 3 is headed higher towards the first target at 1.7277 is developing.
We are looking for an opportunity to buy near 1.6335 or upon a break above 1.6602.
The material has been provided by InstaForex Company – www.instaforex.com