Wave summary:
The odds still favor that wave i peaked at 1.7408 and a deeper correction is developing in wave ii. The ideal downside target for wave ii is seen near 1.6619. That said, we still need a firm break below support seen at 1.7100 to confirm that wave ii indeed is developing.
Resistance is now seen at 1.7300 and again at 1.7334. The later should cap the upside for the next move lower.
R3: 1.7408
R2: 1.7334
R1: 1.7300
Pivot: 1.7100
S1: 1.7058
S2: 1.6916
S3: 1.6805
Trading recommendation:
We took profit and sold EUR at 1.7200 for a nice 430 pips profit. We are now short EUR from 1.7200 and will place our stop at 1.7415.
