Wave summary:

The break below 1.6479 has invalidate the previous count. The new count has moved red wave [i] up to 1.6931 and the ongoing correction is red wave [ii], which is expected to terminate in the support area between 1.6353 - 1.6411 from where a new impulsive rally to above 1.6931 is foreseen.

Short-term minor resistance is seen at 1.6548 with back up resistance at 1.6614.

Trading recommendation:

We will buy EUR at 1.6420 with stop placed at 1.6195