Wave summary:
Our preferred count still shows that wave ii is likely to be terminated at 1.5930 and that wave iii higher is in its early beginning. However, we need a breakout above minor resistance at 1.6151 to indicate that wave iii is unfolding, while a breakout above resistance at 1.6446 is needed to confirm that wave iii higher towards 1.7064 is developing.
There is a risk of a break below 1.5930 that indicates that wave ii is over and a little more downside will be needed. Wave ii is not allowed to break below the beginning of wave i at 1.5784, so a breakout below here will invalidate the bullish rally we are looking for.
Trading recommendation:
We will only buy EUR upon a breakout above 1.6151 and our stop will be placed at 1.5925.
