Wave summary:
We continue to look for more downside pressure towards 1.6545 to complete wave ii. Short-term, a minor rally towards 1.6911 could be seen before the expected dip to 1.6545 from where wave iii higher to 1.7977 is expected to take over.
Only a direct break above 1.6987 and more important a break above resistance at 1.7059 will confirm wave iii already is developing.
R3: 1.6954
R2: 1.6911
R1: 1.6857
Pivot: 1.6785
S1: 1.6712
S2: 1.6660
S3: 1.6545
Trading recommendation:
We bought EUR at 1.6890 with our stop placed at 1.6794. We will take half profit at 1.6910 and half profit again at 1.6955
