Wave summary:
The expected correction in red wave iv is unfolding as expected. Short-term, we expect minor resistance at 1.6541 to cap the upside for another turn lower towards 1.6348 to complete red wave a of red wave iv.
The ideal target for red wave iv is seen at 1.6171, but it can not be excluded that red wave iv completes slightly before this target.
R3: 1.6672
R2: 1.6620
R1: 1.6541
Pivot: 1.6500
S1: 1.6461
S2: 1.6423
S3: 1.6348
Trading recommendation:
We are looking for a EUR-buying opportunity in the 1.6171 - 1.6348 area.
