Technical summary:
The break above resistance at 1.7103 confirmed that wave (v) higher was not over yet and the decline from 171.03 only had been a wave ii correction and a strong rally in wave iii should be expected.
The next upside target is seen at 1.7598, but this will likely only provide temporary resistance, before a continuation higher to 1.7639 or even 1.8336 is seen.
Trading recommendation:
Our stop at 1.7110 was hit. We will buy EUR at 1.7223 and place stop at 1.6970 expecting to move it higher quickly.
