The correction in the wave iv should be close to its end. Ideally, we will see a final spike above 1.7015 where a peak of a new impulsive decline in the wave v towards 1.6166 is expected.
In the short-term, a break below minor support at 1.6777 will be a strong indication that the wave iv correction is completed, while a break below support at 1.6533 will confirm that the wave v is developing.
R3: 1.7071
R2: 1.7015
R1: 1.6965
Pivot: 1.6921
S1: 1.6878
S2: 1.6777
S3: 1.6725
Trading recommendation:
We will sell EUR at 1.7010 or, after a break, below 1.6777.
