Wave summary:

A breakout below 1.6049 has forced a new short-term count. We still regard the level of 1.5784 as a low for wave 2 and the rally of this low as the start of a new impulsive rally (wave i), while the wave ii has turned into an expanded flat correction. Wave ii could be over at 1.5991, which will confirm a breakout above 1.6246. As long as minor resistance at 1.6246 protects the upside, the risk remains for a move closer to 1.5930, but it is not necessary.

Above 1.6246, the market will call for a continuation higher to 1.6749 and higher to 1.7131.

Trading recommendation:

We will buy only on a break above 1.6246 with stop placed at 1.5985.