A correction from 1.6587 is still unfolding, but only a break below support at 1.6143 indicates that a more substantial correction is unfolding towards 1.5650. That means a break above minor resistance at 1.6280 and more importantly a break above resistance at 1.6345 for renewed upside pressure towards 1.6787.
In the long term, we are looking for even higher levels to beyond 1.7274 for a continuation towards 1.9094.
We are long EUR from 1.6300 with stop placed at 1.6140. If you are not long EUR yet, buy EUR upon a break above 1.6280 with the same stop at 1.6140.
The material has been provided by InstaForex Company – www.instaforex.com