Wave summary:
The rally of the 1.6063 low is doing okay. We are not yet at a stage where we can say with a high degree of certainty that a long-term bottom is in place. We do expect this, but still need a break above important resistance at 1.6499 that will call for more upside pressure towards 1.6830 and higher.
Short-term support is seen at 1.6329 with back-up support seen at 1.6274.
Trading recommendation:
We are long in EUR from 1.6105 and will move our stop higher to 1.6270 locking in a nice profit already. If you are not long in EUR yet, then buy near 1.6329 and use the same stop at 1.6270.
The material has been provided by InstaForex Company – www.instaforex.com
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