Wave summary:
We continue to look for small corrections only as the rally in wave iii moves closer to our first extension target at 1.6656. Short term, we are looking for support at 1.5671 to protect the downside for a continuation higher to 1.6000 and likely even closer to 1.6318 before wave [iii] of iii is complete. Should support at 1.5671 be broken that will likely indicate that peak at 1.5908 was a new wave of a lesser degree and a wave ii is building. This will be a very bullish outcome in the longer term.
R3: 1.6485
R2: 1.6115
R1: 1.5908
Pivot: 1.5800
S1: 1.5725
S2: 1.5670
S3: 1.5576
Trading recommendation:
We are long EUR from 1.5350 with stop placed at 1.5650. If you are not long EUR yet, then buy near 1.5670 and use the same stop.
