Wave summary:
The resistance line from 1.6232 is finally being broken indicating a corrective low likely is in place with the test of 1.5296. That said, we still need a break above minor resistance at 1.5564 to confirm that the corrective low in wave ii/ is in place and wave iii/ to above 1.6232 now is developing.
R3: 1.5564
R2: 1.5504
R1: 1.5440
Pivot: 1.5400
S1: 1.5343
S2: 1.5317
S3: 1.5296
Trading recommendation:
We bought EUR at 1.5446 and have placed our stop at 1.5246.
