What looked like the development of a triangle, was quickly destroyed. With the break below minor support at 1.7712, a final dip closer to 1.7594 remains possible before the next impulsive rally occurs towards 1.8030 on the way higher towards 1.8369.
Only a direct break above minor resistance at 1.7783 will indicate that red wave iv has completed and red wave v towards 1.8030 is developing.
R3: 1.7954
R2: 1.7900
R1: 1.7825
Pivot: 1.7783
S1: 1.7755
S2: 1.7712
S3: 1.7683
Trading recommendation:
We will buy EUR at 1.7615 or upon a break above 1.7783.
