Wave summary:

A failure to hold an expected wave [ii] low of 1.6105 is of concern to us. However, as the low of 1.6049 continues to preserve a low, we will give bulls the benefit of the doubt, for a new rally above 1.6445 that will call for renewed upside pressure towards 1.6749 and above towards 1.7190.

If however, important support at 1.6049 gives away, a rally of a low at 1.5784 in three waves indicates that it has been a corrective rally and a new decline to and below this low should be seen.

Trading recommendation:

We will only buy EUR upon a break above 1.6255 with stop placed at 1.6115.