Technical summary:
With a low of 1.6329, important support at 1.6320 held well and protected the downside for a new rally. In the short term, we expect minor support at 1.6464 to be able to protect the downside for a break above 1.6625 confirming the next impulsive rally higher towards 1.7031 and 1.7154.
It will still take a break below important support at 1.6320 to invalidate the bullish outlook and call for a deeper correction of the rally from 1.3880 to 1.6587.
Trading recommendation:
We are long EUR from 1.6588 with stop placed at 1.6300. If you are not long EUR yet, then buy EUR near 1.6464 with the same stop at 1.6300.