Wave summary:
We continue to look for an extension in wave [iv] closer to 1.5554 before completing this correction and pushing prices higher towards the 1.6655 target. Only a direct break above resistance at 1.5940 will confirm that wave [iv] has been already completed with the test of 1.5644 and wave [v] higher, which is already developing.
R3: 1.6293
R2: 1.6040
R1: 1.5944
Pivot: 1.5850
S1: 1.5745
S2: 1.5644
S3: 1.5554
Trading recommendation:
We took profit on our long EUR-position at 1.5850 for a nice profit of 164 pips. We will buy EUR again at 1.5575 or upon a break above 1.5940.
