Short-term important resistance at 1.6732 has managed to cap the upside, but the extremely oversold situation will likely push prices back above this short-term resistance soon, confirming that wave i/ or a/ has completed and a correction in wave ii/ or b/ is developing for a rally towards 1.7143.
That said, we need to accept, that the strong decline from 1.7929 could push lower towards solid support near 1.6563 completing wave i/ or a/.
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 at 1.6525 or upon a break above 1.6732.
