If a clear break above 1.6236 is not seen soon, we will likely see a deeper correction closer to 1.5928 before the next impulsive rally higher. Only a clear break above 1.6236 confirms the next leg higher towards 1.6969 with minor resistance seen at 1.6349 and 1.661.6636 on the way up.
Our stop at 1.6050 has been hit for a nice 540 pips profit. We will buy EUR again at 1.5950 or upon a break above 1.6236.
The material has been provided by InstaForex Company – www.instaforex.com