Wave summary:
The first minor rally from the 1.6740 low does look impulsive (5 small waves), this means the corrective target-area between 1.6763 - 1.6791 ideally will be able to protect the downside for the next impulsive rally towards at least 1.7086 on the way higher to 1.7470 and 1.7777.
In the short term, a break above the minor resistance at 1.6881 will confirm the wave iii/ higher to 1.7086.
R3: 1.6950
R2: 1.6913
R1: 1.6881
Pivot: 1.6791
S1: 1.6763
S2: 1.6740
S3: 1.6700
Trading recommendation:
We are long EUR from 1.6790 with our stop placed at 1.6740.
