The break back above minor resistance at 1.6370 indicates that the decline from 1.6587 is part of a correction and more upside should be seen. It should be just a matter of time before resistance at 1.6587 is broken for a continuation higher towards 1.7154.
The only question that remains is whether the correction from 1.6587 is over at 1.6032 or more downside pressure close to 1.6032 is needed before the next impulsive rally is seen.
We will buy EUR upon a break above 1.6587.
The material has been provided by InstaForex Company – www.instaforex.com