Wave summary:
There was no time for a deeper correction towards 1.6150. Wave iii towards 1.8032 is already well underway. The base channel resistance near 1.7030 will mark the first resistance, but if wave iii higher is developing, then this resistance should pose as no more than a temporary hurdle and once cleared the road higher to 1.8032 should be free.
Support is now seen in the 1.6816 - 1.6836 area for the next rally higher towards 1.7030.
R3: 1.7030
R2: 1.7000
R1: 1.6969
Pivot: 1.6950
S1: 1.6889
S2: 1.6836
S3: 1.6816
Trading recommendation:
Our EUR short position from 1.6635 was stopped out at 1.6675 for a 40 pips loss. We will buy EUR at 1.6840 with a stop placed at 1.6700.
