The break below minor support at 1.6676 is of concern and indicates that wave iv/ completed prematurely with the test of 1.6782 and wave v/ lower to at least 1.6478 already is developing. A break below support at 1.6561 will confirm that wave iv/ already has completed and wave v/ now is developing.
Short-term, it will take a break above minor resistance at 1.6668 to ease the downside pressure, while a break above resistance at 1.6767 remains needed to confirm a rally towards 1.7023.
R3: 1.6767
R2: 1.6697
R1: 1.6668
Pivot: 1.6626
S1: 1.6561
S2: 1.6539
S3: 1.6478
Trading recommendation:
We are long EUR from 1.6706 with our stop placed at 1.6555.
The material has been provided by InstaForex Company - www.instaforex.com