Wave summary:
The ongoing correction in the wave ii has taken the long road and should be close to completion. We could still see a final spike lower to 1.6824 before completing the wave ii and setting the stage for a new impulsive rally in the wave iii towards 1.7479 on the way towards 1.7777.
A break above minor resistance at 1.7022 will confirm the onset of the wave iii.
R3: 1.7021
R2: 1.6971
R1: 1.6931
Pivot: 1.6862
S1: 1.6850
S2: 1.6824
S3: 1.6779
Trading recommendation:
We are long EUR from 1.6977 with stop placed at 1.6845.
