We are still looking for a break below support at 1.6845 to confirm that the wave iv has completed and the wave v is developing lower. As long as support at 1.6845 is able to protect the downside, we must accept the possibility of a final spike higher to 1.7015 to complete the wave iv, but it is just a matter of time before support at 1.6845 gives away and the wave v starts to develop in the expected decline to at least 1.6219 and maybe closer to 1.6166.
R3: 1.7118
R2: 1.7079
R1: 1.7015
Pivot: 1.6845
S1: 1.6783
S2: 1.6745
S3: 1.6662
Trading recommendation:
We will sell EUR at 1.6965 or upon a break below support at 1.6845.
The material has been provided by InstaForex Company - www.instaforex.com