Red wave iv seems to be turning into a triangle consolidation. If the really is the case, then we should expect a couple of minor swings inside the triangle boarders before breaking higher towards 1.6969. The rally to resistance near 1.6969 will only complete wave iii/ and after a new flat or triangle consolidation in wave iv and new rally closer to 1.7611 should be expected to complete wave v/ and iii.
We are long EUR from 1.6611 with stop placed at 1.6400. If you are not long EUR, then buy a break above 1.6690 and use the same stop at 1.6400.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Forex Review