Technical summary:
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.
Trading recommendation:
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.
