We continue to look for a final spike lower to near 1.6650 to complete the corrective price-action since the 1.7130. Support at 1.6650 should be able to turn prices higher in wave iii for a rally to above resistance at 1.7130 confirming more upside towards 1.7540 and above.
That said, the alternate count calls for a more substantial decline closer to 1.6220 in wave (ii). So we have to be aware of this possibility too. Even if this count proves correct, it will not change the long-term trend higher, but just delay the expected rally higher.
R3: 1.6920
R2: 1.6876
R1: 1.6832
Pivot: 1.6775
S1: 1.6755
S2: 1.6690
S3: 1.6650
Trading recommendation:
We will remain sidelined for now.
