Technical summary:
We are still awaiting a break above resistance at 1.6577 to continue higher towards 1.7145,which is the next major upside target. Short-term support is found at 1.6469 and strong support is seen at 1.6367, which will ideally protect the down side for a breakout above 1.6577.
An unexpected break below support at 1.6367, will delay the expected upside pressure for more consolidation. We expect a decline closer to 1.6160 before the next move higher.
Trading recommendation:
We will buy EUR at 1.6475 or upon a break above 1.6577 with stop placed at 1.6350.
