Wave summary:
Our preferred count remains that the rally from 1.7157 is corrective and soon should tune lower again. We continue to expect that the former top at 1.7408 will cap the upside for a break below minor support at 1.7276 confirming renewed downside pressure towards 1.7136 and below here confirms a deeper corrective decline towards 1.6619 before the next impulsive rally towards 1.8000 takes over.
R3: 1.7467
R2: 1.7418
R1: 1.7408
Pivot: 1.7276
S1: 1.7234
S2: 1.7136
S3: 1.7100
Trading recommendation:
We are short EUR from 1.7200 with our stop placed at 1.7415.
