Technical Summary:

The break back below the resistance-line is confusing. It tells us, that the correction in blue wave ii has become more complex, than initially expected. The correction in blue wave ii has turned into an expanded flat correction. It also tells us, that blue wave iii will be a strong and extended wave as soon as it takes off in real. Apparently, we saw the bottom of wave c at 1.5910 and a break above 1.6058 will be the first strong indication that blue wave ii is over and blue wave iii higher is developing. A break above 1.6120 is needed to confirm that blue wave iii towards at least 1.6490 and likely even 1.6668 is developing.

Trading recommendation:

Our stop at 1.5980 was taken out for a nice little profit. We will buy here at 1.6006 with our stop placed at 1.5835.