We are still trading in a narrow range. As long as minor resistance at 1.6522 protects the upside, we could still see a move slightly lower to 1.6250 before a new rally set in to 1.7154.
A breakout below 1.6320 will change the short-term count and indicate that wave ii has become an expanded flat correction. Only an unexpected break below 1.6035 could indicate a top being in place for a deeper correction.
We are long EUR from 1.6588 with stop placed at 1.6300. If you are not long EUR yet, Then buy close to 1.6320 with the same stop at 1.6300
The material has been provided by InstaForex Company – www.instaforex.com