A decline from 1.7929 continues to push lower, but now it is extremely extended. We expect wave i/ or a/ to see a low soon for a corrective rally towards at least 1.7212 and more likely closer to the 50% corrective target of a decline from 1.7929 to 1.6769 seen at 1.7349.
In the short term, a break above minor resistance at 1.6884 will indicate that wave i/ or a/ has completed and a correction in wave ii/ or b/ has begun.
R3: 1.7080
R2: 1.6974
R1: 1.6884
Pivot: 1.6832
S1: 1.6769
S2: 1.6710
S3: 1.6646
Trading recommendation:
We will buy EUR upon a break above minor resistance at 1.6884.
