Stepping back a little to get the perspective right, we are convinced that we have seen an important low at 1.5784 (wave 2 low) and that a wave 3 rally is unfolding. However, we have not yet seen the expected acceleration higher in wave 3 that we normally expect, so is our count incorrect?
We think our wave count remains correct as long as the important support at 1.6085 stays unbroken. In the short term, we are looking for support near 1.6210 for a new rally above the important resistance at 1.6730 which is expected to release a lot of energy finally providing the upside acceleration towards 1.8551 which we have been looking for.
We will only buy EUR at 1.6250 or upon a break above 1.6730 (one order cancels the other).