Wave summary:
We continue to look for a deeper corrective decline in red wave iv, ideally closer to 1.6171 before turning higher again in red wave v. That said, we have to remember that we currently are in the wave iii/ of iii, which normally is the strongest part of the trend, so we should be aware of the possibility that the correction will be sub-normal and move directly higher through resistance at 1.6672 towards 1.6969.
R3: 1.6710
R2: 1.6632
R1: 1.6610
Pivot: 1.6600
S1: 1.6540
S2: 1.6435
S3: 1.6348
Trading recommendation:
We are looking for a EUR-buying opportunity in the 1.6171 - 1.6348 area or upon a direct break above 1.6672.
