Wave summary:
Wave (ii) should be close to completion and set the stage for a strong rally in wave (iii) higher. Short-term the first good indication that wave (ii) has completed, will be a break above minor resistance at 1.6668, while a break above 1.6890 will confirm wave (iii) has take over for a rally to 1.7025 and 1.7479 on the way towards 1.7777.
R3: 1.6890
R2: 1.6801
R1: 1.6708
Pivot: 1.6668
S1: 1.6577
S2: 1.6537
S3: 1.6518
Trading recommendation:
We will buy a break above 1.6668 and place our stop at 1.6515.