The strong rally of the 1.6933 low confirms that wave ii/ has bottomed here and wave iii/ higher to 1.7474 is developing. In the short-term, we expect a final dip closer to 1.7057 to complete red sub-wave ii before moving strongly higher towards 1.7474 as the wave three really starts to gain traction.
In the longer term, we continue to look for a rally towards at least 1.8432.
R3: 1.7252
R2: 1.7215
R1: 1.7180
Pivot: 1.7142
S1: 1.7108
S2: 1.7084
S3: 1.7057
Trading recommendation:
We are long EUR from 1.6964 and we will move our stop higher to 1.6925. If you are not long EUR yet, then buy near 1.7057 and use the same stop at 1.6925.
