EUR/USD once again tried to reach the key-support at 1.1704, but failed again and saw a low at 1.1772 keeping our preferred count alive. We continue to count the decline from 1.2266 to 1.1772 as wave 2 and wave 3 is just about to begin. To confirm wave 3 is unfolding a break above minor resistance at 1.1881 and more importantly a break above resistance at 1.1975 for renewed upside pressure towards 1.2350 and the long-term target at 1.2963.
Only a break below key support at 1.1704 will force us to abandon our bullish call for a decline towards 1.0983 before higher again.
Trading recommendation:
Buy EUR and place you stop just below 1.1704 for a rally towards 1.2963
