Wave summary:

The correction we where looking for has become slightly deeper than expected, but that does not alter our expectation of a new impulsive rally taking off soon.

The deeper correction just tells us that the Market is still unsure about the validity of this rally, which is well understood taking into consideration of all the previous attempts to rally that failed.

Support in the area of 1.6445 - 1.6521 will ideally protect the downside for a breakout above 1.6609 confirming the next impulsive rally higher towards 1.7220.

Only an unexpected breakout below support at 1.6197 will invalidate the bullish outlook.

Trading recommendation:

We have bought EUR again at 1.6595 and will place our stop at 1.6195 expecting to move it higher soon. If you are not long already, then buy in the area of 1.6445 - 1.6521 or upon a breakout above 1.6609 and use the same stop.