We continue to look for confirmation that wave 2 is over and wave 3 higher has taken over. The bottom could be well in place at 1.6124. Then we need a break above resistance at 1.6515 to indicate this is the case for a rally higher to 1.6950 and above higher, which will confirm the bottom for a rally much higher.
We have seen a new test of resistance at 1.6515 (the high has been 1.6508), but only a break above 1.6515 will indicate that we did indeed see a firm bottom at 1.6124.
We will buy EUR at 1.5900 or upon a break above 1.6515 (one order done cancels the other).
The material has been provided by InstaForex Company – www.instaforex.com