A minor correction close to 1.6920 is expected before the next leg lower towards 1.6720 and lower to the ideal target near 1.6620 from where a new impulsive rally is expected. That said, we need to watch the price-action closely near 1.6620, as a more bearish alternate count, which calls for a decline closer to 1.6205 could be in play. This alternate count is not our preferred count, but at this point, it can not be excluded.
R3: 1.6988
R2: 1.6961
R1: 1.6920
Pivot: 1.6850
S1: 1.6797
S2: 1.6720
S3: 1.6650
Trading recommendation:
We will sell EUR at 1.6900.
