Wave summary:
We have seen a nice little rally of the 1.6062 low, but the pair is not out of the woods yet. To confirm that a long-term bottom has been seen, a break above minor resistance at 1.6499 and, more importantly, a break above resistance at 1.6830 will be needed.
That said, a break above minor resistance at 1.6499 will be a very strong indicator of a long-term bottom being in place.
Support is now found at 1.6245 which ideally will protect the downside for a break above minor resistance at 1.6378 for the test of resistance at 1.6499.
Trading recommendation:
We are long in EUR from 1.6105. We will move our stop higher to 1.6130 securing a small profit. If you are not long in EUR yet, then buy near 1.6245 or upon a break above 1.6378 and use the same stop.
