Wave i/ extended higher to a peak at 1.6831 before letting wave ii take over for a correction lower to at least the low of wave four of one lesser degree at 1.6671. This is very close to the 61.8% corrective target of wave i/ seen at 1.6667. Once this correction is complete near the 1.6667 - 1.6671 area, we will be looking for wave iii/ higher to at least 1.7086.
Short-term, we expect minor resistance at 1.6766 to be able to cap the upside for the decline into the 1.6667 - 1.6671 area to complete wave ii/.
R3: 1.6830
R2: 1.68.12
R1: 1.6788
Pivot: 1.6766
S1: 1.6729
S2: 1.6700
S3: 1.6680
Trading recommendation:
We are short EUR from 1.6772 and we will move our stop +revers lower to 1.6815. We will take profit and buy EUR at 1.6680.
