A break above resistance at 1.7355 is still needed to confirm that red wave ii has completed and red wave iii to above 1.7484 is developing.
Short-term, we see support at 1.7262 and again at 1.7238. The later will ideally be able to protect the downside for the break above 1.7355 towards 1.7484 and above, with the next important targets seen at 1.7924 and 1.8369.
R3: 1.7484
R2: 1.7417
R1: 1.7355
Pivot: 1.7299
S1: 1.7270
S2: 1.7243
S3: 1.7220
Trading recommendation:
We are long EUR from 1.7245 with our stop placed at 1.7215.
