Wave summary:
We have seen the expected rally back to and just above a former high of 1.6841, we still need a firm close above this high to confirm the next rally higher to 1.7205 and even 1.7641 as a close at an 8-hourly basis above 1.6841 will call for an upside acceleration in wave [iii] of iii of 3. This is normally the part of the trend, where the trend is the strongest and becomes almost vertical in its move higher.
In the short term, we will ideally see minor support at 1.6646 protecting the downside, but as we are in the early parts of wave [iii] higher, we must accept a deeper corrective decline towards 1.6515 before the next strong rally higher.
Trading recommendation:
We are long EUR from 1.5810 and will move our stop higher to 1.6350. If you are not long EUR yet, then buy near 1.6515 if possible or upon a break above 1.6829 and use the same stop at 1.6350.
