Wave summary:
There really is not much to add here. We continue to look for minor support near 1.6040 to be able to protect the downside for a break above 1.6236 confirming continuation higher towards 1.6969 as the next upside target.
A break below 1.6040 could extend the correction from 1.6236 closer to 1.5921 and maybe even 1.5830 (less likely), but it should just be a matter of time before the next impulsive rally is seen.
R3: 1.6470
R2: 1.6300
R1: 1.6236
Pivot: 1.6200
S1: 1.6100
S2: 1.6040
S3: 1.5921
Trading recommendation:
We are long EUR from 1.5510 with stop placed at 1.5910. If you are not long EUR yet, then buy near 1.6040 and use the same stop at 1.5910.
