Wave summary:
We did not see the expected minor break above 1.6441 but saw a direct corrective decline to just below our expected corrective target at 1.6245 (the corrective low was seen at 1.6232). From here a new rally has been seen. This rally has already moved above the resistance at 1.6429 and should continue towards 1.6690 and 1.6875 as the next upside targets.
Longer term, we continue to look for much higher levels.
R3: 1.6569
R2: 1.6532
R3: 1.6488
Pivot: 1.6400
S1: 1.6385
S2: 1.6312
S3: 1.6232
Trading recommendation:
We bought EUR at 1.6265. We will lift our stop to 1.6225. If you are not long EUR yet, then buy a break above 1.6451 and use the same stop at 1.62255.
