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Red wave iv ideally completed with the test of 1.6327 and red wave v to above 1.6690 should be developing. A firm break above minor resistance at 1.6488 and more importantly a break above resistance at 1.6569 will confirm that wave iv has completed and red wave v higher is developing for a rally towards 1.6883.
We bought EUR at 1.6395 and we have placed our stop at 1.6295. If you are not long EUR yet, then buy EUR upon a break above 1.6488 and use the same stop at 1.6290.
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Performed by Torben Melsted, Analytical expert
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.