Important support at 1.5784 keeps holding firm protecting the downside as expected. We still need a breakout above the minor resistance-line near 1.6045 and more importantly a breakout above resistance at 1.6089 to confirm that wave ii was finally terminated and wave iii higher to at least 1.6968 is unfolding.
The risk of a breakout below 1.5784 that indicates that a decline from 1.9114 is over and a little more downside room is needed. As long as as the minor resistance line near 1.6089 protects the upside, this outcome can not be ruled out entirely.
We will buy EUR at 1.5810 with stop and revers placed at 1.5780 or we will buy on a break above 1.6045 with stop placed at 1.5780.
The material has been provided by InstaForex Company – www.instaforex.com