We expect the wave iv/ peaked at 1.6892 and wave v/ lower towards 1.6620 now is developing. However, we need to the peak at 1.6892 caps the upside for a break below minor support at 1.6830 and more importantly below support at 1.6786. A break below the later confirms that wave v/ lower towards 1.6620 is developing.
The peak at 1.6892 needs to cap the upside under this count.
R3: 1.6919
R2: 1.6892
R1: 1.6873
Pivot: 1.6830
S1: 1.6815
S2: 1.6786
S3: 1.6765
Trading recommendation:
We sold EUR at 1.6845 with stop placed at 1.6915.
