Wave summary:
One could make the case that red wave iv completed already with the test of 1.6407, but then a break directly above resistance at 1.6611 will be needed. Such a break will call for red wave v towards 1.6969. If, however, resistance at 1.6611 is able to cap the upside, we should see another zig-zag decline lower to 1.6314 - 1.6348 area to completed red wave iv and set the stage for the next impulsive rally in red wave v towards 1.6969.
R3: 1.6969
R2: 1.6727
R1: 1.6611
Pivot: 1.6525
S1: 1.6500
S2: 1.6407
S3: 1.6348
Trading recommendation:
We are looking to buy EUR at 1.6360 or upon a break above 1.6611.
