Wave summary:
We are looking for more downside pressure in wave ii closer to support at 1.6545 before the next impulsive rally in wave iii should be expected.
Short-term resistance at 1.6914 is likely to cap the upside for expected decline lower. A break below minor support at 1.6831 will confirm renewed downside pressure.
R3: 1.6951
R2: 1.6914
R1: 1.6894
Pivot: 1.6831
S1: 1.6762
S2: 1.6712
S3: 1.6660
Trading recommendation:
We are short EUR from 1.6790 and we will place our stop at 1.6925.
