Our preferred count remains that support at 1.7115 continues to protect the downside for a break above resistance at 1.7224 for a continuation higher towards 1.7510 and longer term much higher towards 1.8310.
However, as long as resistance at 1.7224 is able to cap the upside, the alternate count does allow for a slightly deeper corrective decline from 1.7384 towards the 1.7033 - 1.7066 area before completing wave ii/ and setting the stage for the next impulsive rally in wave iii/.
R3: 1.7224
R2: 1.7180
R1: 1.7155
Pivot: 1.7137
S1: 1.7115
S2: 1.7094
S3: 1.7066
Trading recommendation:
We are long EUR from 1.7226 with our stop placed at 1.7110.
