The ongoing correction in the wave ii has taken the long road and should be close to completion. We could still see a final spike lower to 1.6824 before completing the wave ii and setting the stage for a new impulsive rally in the wave iii towards 1.7479 on the way towards 1.7777.
A break above minor resistance at 1.7022 will confirm the onset of the wave iii.
We are long EUR from 1.6977 with stop placed at 1.6845.
The material has been provided by InstaForex Company – www.instaforex.com