We are looking for acceleration higher in red wave iii towards 1.6446 as the first minor upside target, while a continuation higher to 1.6787 is expected to follow. In the short term, minor support at 1.6084 will ideally protect the downside for a break above resistance at 1.6159, which confirms the expected acceleration higher to 1.6446.
A break below minor support at 1.6084 will delay the expected upside pressure, but downside potential should be limited to 1.6054.
We are long EUR from 1.5810 with stop placed at 1.5935. If you are not long EUR yet, then buy near 1.6084 or upon a break above resistance at 1.6159 with the same stop at 1.5935.
The material has been provided by InstaForex Company – www.instaforex.com