We are still looking for a clear break above minor resistance at 1.6764 to confirm that wave ii has bottomed and wave iii to above 1.7300 is ready to develop. As long as minor resistance at 1.6764 is able to cap the upside, a final dip to just below 1.6605 can not be excluded. However, the clear loss of downside momentum does argue, that a low already has been seen at 1.6605 or will be seen just below here for a new rally soon.
R3: 1.6825
R2: 1.6764
R1: 1.6720
Pivot: 1.6675
S1: 1.6636
S2: 1.6605
S3: 1.6584
Trading recommendation:
We will buy EUR at 1.6600 or upon a break above 1.6764. If our buy-order at 1.6600 is done, we will place our stop at 1.6510.
The material has been provided by InstaForex Company - www.instaforex.com