Wave summary:
The lack of upside acceleration is of concern. It could just be a delay of the expected rally through resistance at 1.7064 for more upside pressure towards 1.7777. However, it could be a warning of upside exhaustion and that a deeper corrective pullback is needed. If this is the case, then support at 1.6805 will be broken soon for a decline towards 1.6140.
R3: 1.7064
R2: 1.7025
R1: 1.6966
Pivot: 1.6805
S1: 1.6744
S2: 1.6689
S3: 1.6644
Trading recommendation:
Our stop at 1.6850 has been hit for a small loss of 23 pips. We will place a buy order at 1.6985 and a sell order at 1.6795
