Wave summary:
The correction in red wave iv extended lower to 1.6327, this is more than enough to complete this correction and turn prices higher in red wave v towards 1.6883 and above. A break above minor resistance at 1.6522 and more importantly a break above 1.6569 will confirm that red wave iv has completed and red wave v higher is developing towards 1.6883.
Support is now seen at 1.6389 and again at 1.6327.
R3: 1.6624
R2: 1.6569
R1: 1.6522
Pivot: 1.6500
S1: 1.6425
S2: 1.6389
S3: 1.6327Trading recommendation:
Our stop at 1.6400 was hit for a loss. We will buy EUR again at 1.6395 or upon a break above 1.6522.
