Wave summary:
Nothing new to add here. The correction in red wave ii continues to dominate. The lack of strength does allow for a final spike lower to 1.5450 before completing red wave ii and setting the stage for a strong impulsive rally in red wave iii towards at least 1.6232.
R3: 1.5931
R2: 1.5801
R1: 1.5712
Pivot: 1.5650
S1: 1.5566
S2: 1.5500
S3: 1.5450
Trading recommendation:
We are long EUR from 1.5645 with stop placed at 1.5210. If you are not long EUR yet, then buy a break above 1.5712. A break above here will also raise our stop to 1.5450.
