Technical summary:

We are still looking for a new minor low of 1.6425 and for a new strong rally higher to 1.7154. In the short term, a break above minor resistance at 1.6525 and more importantly above 1.6614 will trigger an expected rally to above 1.6683 for a rally towards 1.7154.

A series of waves one and two seems to have developed and this should build up enough energy for a pretty strong series of waves three and four once the bottom of blue wave ii is found. The only demand we have is support at 1.6329, which stays intact otherwise this short-term count will have to be altered.

Trading recommendation:

We are long EUR from 1.6588 with stop placed at 1.6300. If you are not long EUR yet, buy on a break above 1.6525 and place your stop at 1.6400.