Wave summary:
We continue to expect support at 1.5660 will be able to protect the downside for a break above minor resistance at 1.5837 and more importantly a break above resistance at 1.6006 for a rally towards 1.6655.
If, however, support at 1.5660 gives away the will extend wave ii lower to 1.5485 in an expanded flat correction, before renewed upside pressure should be expected.
R3: 1.6006
R2: 1.5837
R1: 1.5805
Pivot: 1.5750
S1: 1.5660
S2: 1.5588
S3: 1.5485
Trading recommendation:
We are long EUR from 1.5869 with stop placed at 1.5650. If you are not long EUR yet, then buy a break above 1.5837 and use the same stop at 1.5650.
