The corrective decline from 1.6641 has been much deeper than expected. Support at 1.6495 held at first for a rally through minor resistance at 1.6545 for a continuation higher to 1.6586, but found strong resistance here, that caused a new decline to below 1.6495 for a continuation lower to 1.6426. This should be enough to complete wave b and set the stage for the final rally in wave c into the resistance-zone between 1.6694 - 1.6760 from where the next decline towards 1.6169 is expected.
R3: 1.6586
R2: 1.6508
R1: 1.6495
Pivot: 1.6459
S1: 1.6426
S2: 1.6398
S3: 1.6378
Trading recommendation:
Our buy from 1.6545 was stopped out at 1.6485 for a minor loss. We will re-buy EUR upon a break above 1.6479 and place our stop at 1.6420
