The decline from 1.7929 simply will stop and defy all support points. The continued downside pressure has just added to the already extreme oversold situation, but the downtrend is not over until prices shows it's over. The first indication of a possible low is in place and a correction is taking over is seen upon a break above minor resistance at 1.6732 while a break above resistance at 1.6833 confirms that a correction of the decline from 1.7929 is unfolding.
R3: 1.6911
R2: 1.6832
R1: 1.6732
Pivot: 1.6675
S1: 1.6660
S2: 1.6563
S3: 1.6518
Trading recommendation:
We will buy EUR at 1.6525 or upon a break above resistance at 1.6732.
