The wave ii/ correction towards at least 1.7067 is developing as expected. Wave c/ of ii/ is most likely shaping up to be an ending diagonal, meaning that resistance should be expected near 1.7182 for the final leg lower to the corrective target at 1.7067 from where a new impulsive rally is expected.
Only a direct break above resistance at 1.7236 will indicate a premature completion of wave c/ and ii/ for the next rally higher towards 1.7668 and 1.7979 as the next upside targets.
R3: 1.7298
R2: 1.7236
R1: 1.7182
Pivot: 1.7136
S1: 1.7116
S2: 1.7067
S3: 1.7026
Trading recommendation:
We will buy EUR at 1.7075 or upon a break above resistance at 1.7236
The material has been provided by InstaForex Company - www.instaforex.com