There’s nothing new to add here. We continue to look for a clear break above the minor resistance at 1.7023 and, more importantly, a break above the resistance at 1.7094 confirming that the next impulsive rally higher to 1.7479 is developing on the way higher to 1.7777.
Under this count, it’s essential that the support at 1.6853 is able to protect the downside, or a slightly deeper correction towards 1.6837 and maybe even closer to 1.6783 could be seen, but that is not our preferred outlook.
We are long EUR from 1.6977 with stop placed at 1.6845.
The material has been provided by InstaForex Company – www.instaforex.com