Support in the 1.0527 - 1.0535 area failed to act as a solid floor and more surprisingly the former low at 1.0488 was broken, telling us clearly that the corrective decline from 1.1276 was unfolding. The next support to look for is seen at 1.0436 and taken into consideration so that we now see even more weakness in the corrective decline from 1.1276. We do expect this support to turn EUR/USD higher again. However, only a break above minor resistance at 1.0617 will confirm that the corrective decline in wave 2 has been completed and wave 3 is ready to take over.
So stay patient and see if support at 1.0436 really acts as a floor and if minor resistance at 1.0617 is broken afterwards.
