Wave summary:
We have seen the expected spike lower to 1.6679 (the low has been seen at 1.6684). This fulfills the corrective target in wave ii and a break above minor resistance at 1.6772 will confirm that wave ii is complete and wave iii has taken over for a rally towards 1.7360 on the way higher to 1.7777.
As long as minor resistance at 1.6772 is able to cap the upside, we could still see a final spike to or just below 1.6679, but it's not necessary.
R3: 1.6850
R2: 1.6809
R1: 1.6772
Pivot: 1.6713
S1: 1.6684
S2: 1.6679
S3: 1.6662
Trading recommendation:
We bought EUR at 1.6695 and will place our stop at 1.6550.
