It should be just a matter of time before minor resistance at 1.6508 is taken out. This will be the first good indication that a low is in place for the next impulsive move higher. To confirm that a low was seen at 1.6229, a break above 1.6725 will be needed, but once this resistance is cleared, we do think that the upside acceleration we have been waiting for will finally take place for a rally to 1.7220 and higher to 1.8551.
Short term minor support is now found at 1.6373 and again at 1.6331.
We are long in EUR from 1.6250 and will move our stop higher to 1.6325. If you are not long in EUR yet, then buy a break above 1.6508.