The corrective decline in wave ii/ could be complete and we are looking for a break above minor resistance at 1.7070 as the first strong indication that wave iii/ higher towards 1.7474 is developing.
Even if a final spike below support at 1.6998 is seen, back-up support is seen at 1.6965, which should be able to protect the downside for the next impulsive rally higher.
R3: 1.7148
R2: 1.7098
R1: 1.7070
Pivot: 1.7000
S1: 1.6965
S2: 1.6934
S3: 1.6895
Trading recommendation: Buy EUR upon a break above 1.7070 and place your stop at 1.6970.
